Dogecoin prices soared as Ferrari began accepting more cryptocurrencies.
Ferrari, which has recently been expanding its cryptocurrency activities, has announced the addition of another currency to this list. After making payments in Bitcoin, Ether and USD Coin available in the US, the Italian luxury car manufacturer has decided to add Dogecoin to its list of accepted cryptocurrencies.
Enrico Galliera, Ferrari's director of marketing and trading, explained that the main reason why Ferrari now accepts payments in DOGE is to meet the expectations of customers and dealers. This news caused a positive reaction and led to an increase in the price of DOGE. On Tuesday, Dogecoin price rose 2% to $0.088.
Ferrari has no plans to charge additional fees or commissions to customers making car purchases through cryptocurrencies. BitPay has been selected by Ferrari as its payment platform to process cryptocurrency transactions in the US. The BitPay app allows dealers to accept cryptocurrency payments and convert them into fiat currency for Ferrari dealers in the US.
As for Dogecoin, memcoin has remained relatively stable over the past few months. There have been no significant changes in its value or sharp drops recently. Over the past seven days, the value of Dogecoin has increased by more than five percent. The tenth largest cryptocurrency by market capitalization has now reached a valuation of $12.44 billion.
Cryptocurrency is also used as a form of payment for other luxury brands such as Tag Heuer and Gucci. American movie theater chain AMC Theaters also accepts Dogecoin as payment for movie tickets.
The most recent event that contributed to the skyrocketing price of Dogecoin occurred in August 2023 when Elon Musk, a stated supporter of Dogecoin, acquired a license to transfer currency X. This license gives the company the right to facilitate the storage, transfer and exchange of digital currencies. At that time, the price of DOGE increased by 3% and reached $0.066.
