The largest automaker by market capitalization, Tesla, months after halting settlements in BTC due to environmental issues, has allowed payments in dogecoin. As a result, the price of DOGE recorded a double-digit increase.
It’s no secret that Elon Musk, the richest man today, is a fan of dogecoin. Now, however, his support has reached a completely different level. Tesla, one of his companies, decided to allow payments in DOGE for its products.
The company explained that users who want to choose to pay in memecoin must have a crypto wallet. Once connected, they can transfer funds using an alphanumeric code or QR code.
The electric vehicle giant has promised to update its prices soon so that they are displayed on DOGE as well. So far, however, they still show up in fiat currencies. As the company wrote, all of its products “will be clearly priced in dogecoin.”
Tesla also warned potential DOGE customers that orders placed with memecoin “can no longer be canceled.” Additionally, all such purchases are “final sale” and cannot be returned, exchanged or cancelled.
The company made it clear that it exclusively takes Dogecoin as a form of payment. Recall that the business enabled bitcoin payments last year but then halted the program due to environmental concerns.
Shortly after the news was published, DOGE shot up 30%, from $0.16 to a monthly high of $0.21. At the moment, the meme coin has slightly withdrawn and oscillates around $0.19.
Not so long ago, Musk during an interview with Time Magazine stated that dogecoin is a better answer. His statement came shortly after he was named the magazine’s Person of the Year 2021.