Elon Musk’s favourite Dogecoin has zoomed as much as 25 per cent in the last 24 hours, after a tweet from the electric-car maker’s boss, which says the company is accepting digital currency Dogecoin to buy Tesla’s merchandise.
The self-proclaimed Dogefather’s tweet sent the original meme token to fly higher to $0.2029 on Friday from $0.1623.
Tesla merch buyable with Dogecoin
— Elon Musk (@elonmusk) January 14, 2022
Sharat Chandra, VP- Research & Strategy, EarthID, a self-sovereign Identity Management Platform, said that Tesla enabled its back-end to allow Dogecoin payments merchandise such as Cybersquad and Giga Texas Belt Buckle.
“People are more open to using cryptos for payments. Visa’s recent survey demonstrated that small business owners across nine geographies are willing to accept digital currencies as payment methods,” he added.
Tesla doesn’t accept Dogecoin for electric cars, but one can technically buy an electric vehicle with the largest meme coin. Tesla’s Cyberquad, a $1,900 quad bike designed for children, can be purchased with the meme token.
Since its inception in 2014, Dogecoin has delivered a return of about 45,000 per cent to investors. However, it is trading about 35 per cent below its all-time peak.Following the push from Musk, Dogecoin briefly entered the top 10 digital tokens in terms of market cap. Howe ..