Official Addition of DOGE to Tesla’s Payment Options Comes with a Catch

In a significant update, Tesla, the renowned electric car manufacturer led by Elon Musk, has announced that it now accepts Dogecoin as an official payment option on its website. This news has delighted the crypto community, as Dogecoin, known for its meme coin status, has gained acceptance from a major player in the tech industry.

It is important to note that currently, Tesla is only accepting Dogecoin for purchases made in the online Tesla Shop. The updated payments page states that “Dogecoin may also be accepted on select products,” indicating that the company is exploring the use of this cryptocurrency for a wider range of merchandise.

This move marks a continuation of Tesla’s experimentation with Dogecoin, which began in January 2022. Initially, the company started accepting Dogecoin for certain merchandise items, such as the Tesla Cyberwhistle and the “Giga Texas” belt buckle. Following this, another company led by Elon Musk, SpaceX, also followed suit by accepting Dogecoin as a form of payment.

During a visit to the Giga factory in Berlin in March 2024, Elon Musk was asked about the possibility of implementing Dogecoin payments for Tesla electric cars. In response, Musk expressed interest in adding DOGE as a payment option in the future. This statement led to an immediate 10% price surge for Dogecoin, although the price increase was short-lived.

As of the latest update, Dogecoin is currently trading at [or_text model=”openai/gpt-3.5-turbo” prompt=”You are a news editor expand and Rewrite the following article, remove references to the source, make sure the generated article is well written, makes sense and is SEO enabled:

In a recent development, prominent e-car producer Tesla run by Elon Musk has added Dogecoin as an official payment option to its website. The payments page has been updated and now it includes Dogecoin, crypto community’s favorite meme coin.

Tesla officially embraces Dogecoin

However, Tesla still accepts DOGE only for merchandise in the online Tesla Shop. The addition says that “Dogecoin may also be accepted on select products.”

For the first time, Elon Musk’s company began to accept Dogecoin as an experiment in January 2022. Back then, the tech mogul stated, it was an experiment to see how it will go. Various company merchandise began to sell for DOGE – for example, Tesla Cyberwhistle and the “Giga Texas” belt buckle.

Later that year, another company run by the same CEO followed suit – SpaceX.

DOGE price spikes 21%

Two years after than, in March 2024, during his visit to Giga factory in Berlin, Musk was asked by the audience whether Tesla intends to implement Dogecoin payments for electric cars. The tech mogul responded that they should add DOGE as a payment option at some point in the future. This statement made by Musk provoked a 10% price surge of DOGE immediately. The rise did not last long, though.

As of this writing, the largest meme cryptocurrency DOGE is changing hands at $0.159 after soaring by more than 21% in the past 24 hours on the Tesla news.

“].159, having surged more than 21% in the past 24 hours following the news of Tesla’s acceptance of the cryptocurrency. This development has not only boosted the value of Dogecoin but also highlighted the growing acceptance of cryptocurrencies in mainstream businesses like Tesla.