The largest car manufacturer by market cap, Tesla, has enabled Dogecoin payments months after halting BTC settlements due to environmental issues. As a result, DOGE’s price spiked by double digits.
It’s no secret that Elon Musk, the current richest man, is a fan of the original memecoin – Dogecoin. His support, though, went on another level just recently as Tesla, one of the companies that he spearheads, decided to enable DOGE payments for its products.
The company explained that users wanting to opt for the memecoin option need to have such a wallet, and they can transfer funds through an alphanumeric code or a QR code once connected.
The EV giant promised to update its prices to be displayed in DOGE as well soon, but as of now, they are still in fiat currencies. All Tesla products “will be clearly priced in Dogecoin.”
Tesla also warned potential DOGE customers that orders placed with the memecoin “can no longer be canceled.” Additionally, all such purchases are “final sale” and cannot be returned, exchanged, or canceled.
The company emphasized that Dogecoin is the only cryptocurrency it accepts. Recall that the firm enabled bitcoin payments last year but halted the initiative months later citing environmental issues.
Shortly after the news went live, DOGE spiked by 30%, from $0.16 to a monthly high of $0.21. As of now, the memecoin has retraced slightly and sits just shy of $0.2.
DOGE/USD. Source: TradingView