Elon Musk Teases Dogecoin Payments for Tesla, Fueling DOGE Price Surge

Recently, a video surfaced on X (formerly Twitter) on the account of @dogeofficialceo, where Elon Musk is seen interacting with the public at the Berlin Gigafactory, a Tesla manufacturing plant. One of the audience members raised a question to Musk as to whether Tesla can be bought using DOGE in the future, to which Musk responded optimistically, saying,

“ At some point we should enable doing that.” The company already lets users purchase merchandise with Dogecoin.

Musk’s response sparked great enthusiasm among investors, and the token witnessed a sudden surge from $0.172 to $0.188 as the video gained widespread views. He replied with his famous phrase ‘Dogecoin to the moon’.

DOGE, the people’s crypto, says Musk

Musk initially started endorsing DOGE after a few employees from Tesla urged the CEO to support Dogecoin as an official mode of payment. A similar request was made to him at SpaceX by visitors demanding support for Dogecoin, which was ultimately accepted.

In Musk’s terms, Doge is people’s crypto, so he will support it. Musk believes that BTC got support from a lot of rich people, and he wanted to support a crypto that is preferred by the general public.

Musk’s “everything app” X (formerly Twitter) recently created an ‘XPayments’ account for its upcoming payments feature, fueling speculation amongst the crypto community about whether cryptocurrencies will be implemented.

There is anticipation that the X app will introduce in-app payment services by mid-2024. However, whether the feature will support payments beyond traditional fiat currencies or if Musk will go ahead with Dogecoin has not yet been confirmed.

In previous instances, Musk has also expressed his fondness for DOGE on multiple occasions, particularly since 2021. Dogecoin is currently trading at $0.1863 as of writing.