Elon Musk Eyes Dogecoin (DOGE) Payments For Tesla Cars

Elon Musk has revealed plans to explore the integration of Dogecoin as a payment option for purchasing Tesla vehicles.

The CEO of Tesla and the world’s wealthiest individual, Elon Musk, made waves in the cryptocurrency space with an unexpected announcement concerning Dogecoin (DOGE). Musk hinted at the possibility of allowing DOGE as a payment method for buying Tesla cars.

Elon Musk To Introduce Dogecoin Payments For Tesla

During a visit to the German Tesla factory near Berlin, Elon Musk mentioned Dogecoin in his speech following a suspected arson attack. He emphasized the importance of introducing DOGE as a payment option for Tesla vehicles and expressed confidence that it will become a reality in the future. Musk also enthusiastically exclaimed, “Dogecoin to the moon.”

If realized, this announcement would represent a significant milestone for DOGE cryptocurrency, particularly as it faces competition from Shiba Inu (SHIB). Musk also reiterated that DOGE can currently be used to purchase Tesla merchandise. He further reaffirmed his strong support for the doge-themed cryptocurrency and explained his past endorsements of Dogecoin.

Musk disclosed that while working in Tesla and SpaceX facilities, many people urged him to support Dogecoin. Eventually, he acknowledged DOGE as the “people’s crypto” and decided to back the meme coin. Musk emphasized that although many “wealthy individuals” were endorsing Bitcoin (BTC), he chose to support DOGE due to the requests from the general public. He added optimistically, “DOGE is for you.”

DOGE Vs SHIB Competition Intensifies

Shiba Inu has witnessed a surge in demand, surpassing Dogecoin in terms of weekly trade volume. Despite Dogecoin’s position as a market leader in the meme coin space, Shiba Inu outpaced DOGE’s trading volume last week, recording an impressive $31 billion compared to DOGE’s $23 billion, according to Kaiko data.

This development signifies a notable achievement for Shiba Inu, indicating its increasing popularity among traders. Moreover, the overall meme coin market has experienced a remarkable surge in trading volume, reaching a staggering $80 billion.

In addition to DOGE and SHIB, other meme coins contributing to this surge include Pepe Coin (PEPE), Dogwifhat (WIF), and BONK (BONK). These popular meme coins all witnessed significant gains the previous week, further boosting trade volume.