Elon Musk, the co-founder and CEO of Tesla and SpaceX, has once again sent ripples through the cryptocurrency community with his latest hint at potential Dogecoin (DOGE) payments for Tesla electric vehicles. This revelation came shortly after a tweet from the influential figure known as “Sir Doge of the Coin,” a prominent supporter of the Dogecoin community.
In a tweet, ‘Sir Doge of The Coin’ expressed excitement about the possibility of using Dogecoin to purchase Tesla cars, tweeting a response from Musk after a question by a Tesla employee during the Giga Berlin conference on Thursday.
Notably, an individual from the audience asked, “When will I be able to buy a Tesla with dogecoin?” prompting Musk to answer, “At some point I think we should enable that.”
“You can buy a Tesla Merch which is cool. So dogecoin to the moon”. Musk added.
Musk’s endorsement of Dogecoin payments aligns with the cryptocurrency’s recent surge in popularity and adoption. Notably, Musk’s advocacy for Dogecoin is not new. After receiving requests to make Dogecoin an official payment method, he has previously called it “people’s currency’’.
He has also expressed his fondness for the dog-themed meme coin on multiple occasions, even attracting a lawsuit against him. Nevertheless, although Dogecoin had previously been conceived as a lighthearted digital currency based on an internet meme, it has evolved into a serious contender in the crypto market, buoyed by its accessibility and low transaction fees.
Moreover, Tesla started accepting Dogecoin for Tesla merchandise in January 2022, stating that transactions will be limited to Dogecoin. One of Dogecoin’s key attractions is its user-friendly interface, making it appealing to both seasoned investors and newcomers alike. Additionally, its growing acceptance by mainstream businesses has enhanced its credibility as a legitimate form of digital currency.
Musk’s fondness for Dogecoin is well-documented, with the tech luminary frequently championing the cryptocurrency on social media platforms. His tweets and public statements have significantly influenced Dogecoin’s valuation and generated widespread interest in the digital asset.
That said, the latest hint at Dogecoin payments for Tesla vehicles underscores Musk’s penchant for innovation and disruption. Meanwhile, amid Musk’s latest endorsement, DOGE has exhibited remarkable performance, surging by just over 23% in the past week. Despite pausing alongside cryptocurrencies like Bitcoin and Ethereum during what seems to be a profit-taking season, the path to $1 appears promising once the $0.20 resistance level is breached.
At the time of reporting, DOGE was trading at $0.1856, marking an impressive 8.92% surge in the past 24 hours as per Coinmarketcap data.
