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Elon Musk Says Dogecoin to the Moon: Will Tesla Accept The Meme Coin Payments?

2 mins
Updated by Harsh Notariya
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In Brief

  • Tesla CEO Elon Musk hints at accepting Dogecoin for car purchases, spiking DOGE's price.
  • Musk advocates for Dogecoin, labeling it "people’s crypto," and considers it for Tesla payments.
  • Dogecoin's market reacts, showing significant price movement after Musk's endorsement.
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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

Dogecoin (DOGE) Price Performance
Dogecoin (DOGE) Price Performance. Source: TradingView

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.

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Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...