Tesla’s Dogecoin Adoption Sends Crypto Market Into Frenzy, Meme Coin Surges By Over 21% By Benzinga

Benzinga – By Bibhu Pattnaik, Benzinga Staff Writer.

Elon Musk‘s tesla company (NASDAQ: TSLA) is officially incorporated dogecoin (CRYPTO: DOGE) as a payment option, with certain limitations.

what happened: Tesla has updated its payments page and added Dogecoin to purchase products on its online platform.

This update also hints at the possibility of Dogecoin being accepted for certain products in the future.

Tesla’s relationship with Dogecoin is not new. In January 2022, the company became the first to accept meme cryptocurrencies on products such as the Tesla Cyber ​​Whistle and the “Giga Texas” belt buckle. Later, SpaceX, another company led by Musk, followed suit.

In March 2024, during a visit to the Giga factory in Berlin, Musk hinted that Tesla might accept Dogecoin payments for electric cars. This caused DOGE prices to rise by 10%, but the spike was short-lived.

Also Read: Forget Dogecoin and Shiba Inu — This Meme Coin Soared Nearly 70% in Just 24 Hours

With Tesla’s recent announcement of expanded use of Dogecoin, the memecoin’s value has surged more than 21% in the past 24 hours.

why is it important: Mr. Musk has a great influence on the virtual currency market, especially Dogecoin. In March 2024, Dogecoin’s open interest increased by an astonishing $800 million in three days following Musk’s efforts.

However, Musk’s relationship with Dogecoin has its own share of controversy.

In June 2023, Musk denied owning Dogecoin in response to a lawsuit accusing him of price manipulation. The following month, Musk was accused of funding an “illegal harassment campaign” against Dogecoin investors.

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Despite these controversies, Tesla’s recent move to accept Dogecoin for product purchases indicates continued interest in cryptocurrencies, which could impact future market performance.

Read now: Dogecoin set to soar more than 200%, crypto analyst says: ‘We’re going to do something insane in this cycle’

This content is created in part using AI tools, and reviewed and published by Benzinga editors.

Photo: Shutterstock

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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