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Tesla CEO Elon Musk has suggested that the company might accept Dogecoin (DOGE) for vehicle purchases. Musk has endorsed Dogecoin on various occasions, particularly since 2021.
As the video of Musk’s response started circulating, Dogecoin’s price showcased a quick uptick.
Elon Musk Hints Possibility of Dogecoin Payment Integration
This hint emerged during a session at Tesla’s Berlin Gigafactory, where Musk entertained the idea in response to an audience query about Dogecoin payments for Tesla cars.
“At some point I think we should enable that,” Musk stated.
Musk’s advocacy for Dogecoin isn’t new. After receiving requests to make Dogecoin an official payment method, Musk called it the “people’s crypto.”
Read more: How To Buy Dogecoin (DOGE) and Everything You Need To Know
Moreover, Tesla began accepting Dogecoin for Tesla merchandise on January 15, 2022, explicitly stating that transactions would be limited to Dogecoin. The discovery of Dogecoin mentioned in the code for the Tesla Cybertruck checkout page has sparked speculation about Tesla potentially accepting Dogecoin for its futuristic truck.
Despite these mentions, an official statement regarding Dogecoin as a payment method from Tesla or Musk has yet to be released.
Additionally, the crypto community is buzzing with speculation about the ‘XPayments’ account created by X, indicating the launch of an in-app payment service. Given Musk’s influence and previous integrations of cryptocurrencies in his ventures, there’s widespread anticipation about Dogecoin’s inclusion in X’s payment options.
Such endorsements from Musk have historically impacted Dogecoin’s market performance significantly. For instance, Dogecoin’s value witnessed a more than 10% increase in just 15 minutes following Musk’s recent comments. Furthermore, with a 78% rally in March, the crypto community keenly observes Dogecoin’s performance, especially its resistance and potential for breakout.
Read more: Dogecoin (DOGE) Price Prediction 2024/2025/2030
Since March 5, Dogecoin has tested a resistance level of $0.1832. Typically, a breakout from such consolidation could signal the start of a new uptrend.