Tesla is accepting crypto payments again. The leading electric car maker earlier today revealed that it is now supporting payment for some of its products using the popular meme coin, Dogecoin, via its platform.
The Dogefather is trying to make DOGE mainstream
According to available information, Tesla users looking to adopt the new payment option need to have a DOGE-enabled wallet that they can use to transfer funds once they are connected.
Tesla’s adoption is evidence of the role Elon Musk has played in pushing the coin mainstream. It is no secret that the wealthiest man in the world has regularly maintained his support for the coin through several tweets and initiatives.
The latest move is an indication of the length Musk is willing to go to further push the cause of the meme coin.
While the prices of some of the products are still displayed in the US Dollar, the company has said that all of its prices would soon be displayed in DOGE. Already, The Giga Texas Belt Buckle price is listed for 835 DOGE which is roughly $155. Another product’s price, Cyberquad for Kids, is listed for 12020 DOGE which translates to $2339.
It should be noted that products purchased using DOGE cannot be canceled, returned, or exchanged for another product.
Tesla’s Crypto Adventure
This is not the first time that the largest car manufacturer by market cap has been involved in crypto.
Tesla was one of the major traditional institutions to purchase Bitcoin last year. The Elon Musk-led company purchased $1.5 billion worth of the coin in February last year and also revealed that it would be accepting the coin for payments of its cars.
However, it later backtracked on its plans to accept the coin because of the environmental concerns associated with mining the asset.
In October, we later reported that the firm had made a $1 billion gain on the investment.
Dogecoin price rises by over 10%
Shortly after news of Tesla’s adoption hit the airwaves, the price of Dogecoin rallied by over 10% from $0.16 to as high as $0.21.
Though the price of the asset has since corrected as it is now trading for $0.19, its mini price spike shows the level of effect the news had on its price movement.
Notably, the current price rally continues the positive trajectory the coin has been on these days. According to data from CryptoSlate, its value has risen by close to 2% in the last 30 days, 13.5% in the last 14 days, and by over 20% in the last 7 days.