thecoinrepublic.com
- Analysts have predicted that the announcement and acceptance as payments will result in price rally of Dogecoin
- Soon after the announcement, most of Tesla’s merchandise items have been sold out
- It has seen 16% growth in its price soon after the announcement, at the time hanging around $0.2
Dogecoin will be accepted as payment on buying Tesla merchandise from the Tesla store. This announcement was made by Elon Musk himself via Twitter. Although the proponents of Dogecoin had been hoping for the Dogecoin to be accepted as payment for any purchase from Tesla, be it Tesla car. But it seems they have to be satisfied with Tesla Merchandise for now. However, this decision can make way for the acceptance of the coin for other institutional purchases.
Dogecoin was one of the favorites of crypto-influencer Elon Musk. Earlier this year, in May 2021, he conducted a Twitter poll and asked about whether users liked it or not, Tesla accepting Dogecoin for payments. Before the meme-coin, Elon’s first preference was Bitcoin itself. In March 2021, he even announced accepting Bitcoin for payments by Tesla. However, this decision was taken back soon because the huge energy loss related to Bitcoin might not go well with Tesla’s clean energy and other energy-saving initiatives, on which the whole company is based.
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Dogecoin can be termed as a payment option for buying Tesla merchandise. For those who don’t know, other than cars and batteries and other heavy products, soft merchandise products are also being sold at Tesla stores. It can be kid’s quad bikes, items of clothing, accessories like wireless chargers, etc. Among Tesla fans and users, these items are pretty famous and desired. Soon after tesla selected DOGE for payment, most of the products in many Tesla Stores were sold out. Also, the announcement reflected on the meme coins price, which saw approximately a 16% surge with the announcement made.
Further, the official Tesla website mentioned that only Dogecoin would accept cryptocurrency payments. Other than that, no other Cryptocurrency will be eligible for payment. In case of payment by another cryptocurrency, it may be lost or destroyed, and the company will not be responsible for the loss.
Seeing the surge in DOGE’s price, proponents of the currency started assuming that soon other projects and companies of Elon Musk, such as Starlink, will start transactions in Dogecoin. Earlier tweets of the world’s richest man regarding the DOGE resulted in price surges. For instance, in Dec 2021, when he announced accepting payments for the upcoming pilot test of Doge, the price saw a surge of 35% and moved up to $0.2. The supporters are talking rumors of accepting meme-coin for many other projects, and the $1 price will be attained by the end of 2022. However, hopes are good to have, but hopes are only hopes without any official announcements or accepting plans for DOGE. Last year in April, Dogecoin was in the fifth position regarding market cap, but it’s been at 11th in the list for now.