Traders acted swiftly, propelling DOGE prices to surge by over 17% within the past 24 hours.
However, there are certain conditions when it comes to using Dogecoin for payments. According to the frequently asked questions section on Tesla’s official website, Elon Musk, a prominent Dogecoin supporter and the CEO of Tesla, has reportedly added Dogecoin as a payment option for various Tesla products. This move comes after Musk mentioned a month ago that Tesla might accept Dogecoin as payment for its vehicles in the future.
In response to this announcement, traders quickly reacted, causing the price of DOGE to skyrocket by more than 17% within the last 24 hours, reaching $0.1629 based on data from CMC. Despite all the buzz in the crypto world, Tesla has yet to confirm whether Dogecoin will indeed be accepted as a form of payment for their vehicles.
Tesla, the electric vehicle manufacturer owned by billionaire Elon Musk, has started accepting Dogecoin at Tesla stores. On the “order” page for Dogecoin-eligible items, customers can find the Dogecoin symbol, as mentioned in a Dogecoin help page on Tesla’s website. According to the Wayback Machine, the most recent change to the page was made on May 4. It is important to note that Dogecoin wallets are the only accepted method of purchasing Tesla products.
However, using Dogecoin for payments does come with certain conditions. Combining funds from multiple Dogecoin wallets into one order is not possible. Additionally, orders cannot be changed or canceled once they have been placed, and returns are not accepted for purchases made with Dogecoin.
In March, Elon Musk created excitement among the audience at the Tesla Gigafactory near Berlin, Germany, when he discussed the meme coin. When asked about the possibility of customers paying with Dogecoin, Musk expressed his belief that the company should enable that option at some point.
In other crypto news today, a report indicates that pension funds are showing increasing interest in crypto investments.