Tesla's official website has recently updated a detailed page about Tesla accepting Dogecoin as one of the payment methods. It indicates that some products currently support DOGE payment. Such products will display the Dogecoin symbol next to the order button. When checking out, buyers only need to transfer Dogecoin to Tesla's Dogecoin wallet to pay.
Tesla pointed out that all eligible Tesla products will be clearly priced in Dogecoin, and the selling price will include any applicable taxes. There are some things to note when making Dogecoin payments, including that multiple wallets will not accept payments for a single order, orders cannot be canceled after being placed, and returns do not apply to goods purchased with Dogecoin.
Tesla emphasized that it currently only accepts Dogecoin payments. If buyers send any other digital assets, it may result in the loss of assets. Non-Dogecoin digital assets sent to Tesla will not be returned to the buyer.
In March this year, Musk said that at some point in time, Dogecoin would be allowed to be used to purchase Tesla electric vehicles. He also explained why he supported Dogecoin, saying that when he inspected Tesla and SpaceX factories, many employees asked him if he could support Dogecoin, so he would support Dogecoin because Dogecoin is the people's cryptocurrency.
Dogecoin surges
Although Tesla's official website has accepted the use of Dogecoin to purchase some goods (only supporting the purchase of peripheral products such as clothing, toys, etc.) since 2022, the update of the Dogecoin payment instructions may mean that Tesla will gradually relax restrictions on cryptocurrency payments.
Perhaps inspired by this news and driven by the rise of Bitcoin, Dogecoin surged to $0.17 the day before yesterday and was reported at $0.16 before press time, an increase of 4.2% in the past 24 hours.
The story of Dogecoin and Musk
In an event to "Vote for Dogecoin CEO" in April 2019, the founder of Tesla and Space X, who is also a heavy Twitter user and the number one Twitter influencer, received more than half of the votes, defeating three other competitors: Ethereum founder Vitalik Buterin, Litecoin founder Charlie Lee and Metal Pay founder Marshall Hayner, to become the elected Dogecoin CEO.
Voting for Musk to be the CEO of Dogecoin on Twitter
Musk also changed his Twitter profile to CEO of Dogecoin and sent a tweet with a Shiba Inu meme. According to media reports, Musk has been providing information and advice to the Dogecoin team since 2019.
Musk’s “evil fate” with Dogecoin began here.
Musk responds to tweet about becoming Dogecoin CEO
Musk has supported Dogecoin many times
This is not the first time Musk has spoken about Dogecoin.
At around 6:30 pm on April 1, 2021, Tesla CEO Elon Musk said on his personal Twitter account: "SpaceX will send a Dogecoin to the moon."
As soon as Musk finished speaking, the price of Dogecoin took off. According to Coindesk data, in one hour, Dogecoin soared from about $0.054 per coin to about $0.069 at its peak, an increase of 27%. Although it later fell back, as of press time, the price of Dogecoin still rose by about 15%, with a total market value of $7.8 billion.
On February 4, 2021, Musk mentioned Dogecoin six times on Twitter in one day, and the price of this cryptocurrency quickly rose by 60%, with a market value of US$10 billion, becoming the world's eighth-largest cryptocurrency.
In a tweet that day, Musk boasted that "you're welcome" and retweeted a spoof picture made by netizens: Musk transformed into the baboon elder in the movie The Lion King, holding up "Dogecoin" high in the air.
On February 6, Musk launched another vote on Twitter: "What do you hope to use as the future currency of the earth?" So far, more than 2.4 million people have participated in the vote. Among them, 71.3% of netizens chose to use Dogecoin as the future currency, and 28.7% chose other currencies.
On February 24, 2021, Musk sent five consecutive tweets related to Dogecoin, hinting that Dogecoin would be placed on the moon.
Musk's love for Dogecoin is evident from his frequent voice for it. On April Fool's Day 2019, the official account of Dogecoin launched a vote on Twitter to select the CEO of Dogecoin, and Musk was elected with a high vote. Later, Musk tweeted that Dogecoin is his favorite digital currency.
However, Musk's frequent endorsement of Dogecoin has also caused trouble for him. According to a report by Cailianshe on February 26, there were market rumors at the time that the US Securities and Exchange Commission would investigate Tesla CEO Musk's social media comments on Dogecoin. Analysts believe that due to its huge social influence, every time Musk mentions Dogecoin on social media, the price of this spoof virtual currency will soar.
Why Musk likes Dogecoin
Dogecoin, its logo is a very cute Shiba Inu, and it is also a very popular emoticon package. Almost no one on the Internet has not seen it. The biggest out-of-circle application of cryptocurrency is this little Shiba Inu. Dogecoin was born on December 6, 2013, and was co-created by Billy Markus and Jackson Palmer of the United States. Dogecoin has no technical innovation, and even "mining" is carried out together with Litecoin. The slogan in the early years was "Dig Lite, give Doge", and it was just a "gift" of Litecoin. However, on the Coinmarketcap website on September 5, 2023, Doge ranked 8th with a market value of 8.999 billion US dollars, while Litecoin's market value was 4.6 billion US dollars, ranking 15th. Doge surpassed Litecoin by nearly 1 times, and it must have done something right.
The reason is that Dogecoin fills the gap in the market. From the perspective of the current market, Bitcoin and other cryptocurrencies only meet people's material needs, but Dogecoin is different. It meets people's spiritual needs. It has a good cultural background - "tip culture", a good humanistic background - "charity culture", and a good popularity background - "grassroots culture". This type of coin has a name, called meme coin. The market understands meme coins as air coins, which is an understanding from the material level, because it has no practical use, and this statement cannot be said to be wrong. However, the main selling point of Dogecoin is spiritual needs, and Dogecoin cannot be measured by the material standards for measuring Bitcoin. From the perspective of air coins, it is difficult to understand the market value of Dogecoin. Spiritual activities are intangible, and they represent likes, love, pursuit, recognition and belief. Just like Bitcoin closely interweaves interest, value recognition and belief. Bitcoin has spiritual value as long as it has a believer. Its ideological value is not evaluated in the value of Bitcoin. Who will use Bitcoin to "reward"? The spiritual needs were discovered by the founders of Dogecoin, who have a deep ideological understanding of Bitcoin.
Dogecoin originated from Marcus and Palmer's belief in Bitcoin. They created Dogecoin to popularize Bitcoin's fairness, freedom, voluntary, immutable, altruistic, and rebellious spirit, using a cute puppy to represent a spirit that makes people like it sincerely. This can explain why so many celebrities like Dogecoin. In simple terms, it is full of positive energy. This can also explain why Musk likes Dogecoin, because spiritual pursuits belong to high-level pursuits, far exceeding the pursuit of material things. This is the reason why meme coins exist in cryptocurrencies. Just like people who like dolls and pets gather because of the same hobbies, this gathering to form a community generates huge traffic value - people's own group value. Grouping is not entirely ideological value, but also because of the community, there is the ability to act. This also explains why Litecoin is not as good as Dogecoin. Because Litecoin does not have the value of the community, it only has the material value of "mining, withdrawing, and selling". Belief can form an invisible community. Comparing the beliefs of Litecoin and Bitcoin, we can clearly know the power of belief. "Like" represents value recognition, which created Dogecoin.
Dogecoin has no limit on the total amount of coins issued. Currently, it issues about 5.2 billion coins each year. It does not want the skyrocketing price of Dogecoin to damage the spiritual connotation of Bitcoin. In 2019, Palmer tweeted to criticize Musk for leading the trend. He believed that Musk's rise in Dogecoin was contrary to the spirit of Dogecoin, and he left in anger.
In fact, the community originates from interest, develops from benefits, and finally forms faith. This is itself a process of value development.
Palmer and Marcus' spiritual realm is very respectable, but they don't understand Musk. With Musk's influence, as long as he issues a coin similar to Dogecoin, it is possible to reach a market value of 280 billion US dollars. Because someone sued Musk, thinking that it was his call for Dogecoin to generate 280 billion US dollars in value. Although Musk is a layman in cryptocurrency and finance, which can be seen from his naive remarks on cryptocurrency and clumsy Twitter acquisition, how can a sparrow know the ambition of a swan? Indeed, Musk has a higher pursuit than profit. Musk and Satoshi Nakamoto are both "aliens" with excellent intuition. Maybe Musk saw the side of Dogecoin that will become immortal. What is spirit? Musk fell in love with Dogecoin at first sight.
What is Dogecoin (DOGE)?
Dogecoin (English: Dogecoin, called Dogcoin or Dogecoin in Taiwan, currency code: DOGE) was established in 2013. It is a peer-to-peer, P2P, open source virtual currency.
DOGE was originally formed from an internet meme about Shiba Inu (a Japanese dog breed). Although it was a joke at first, the blockchain of Dogecoin still has advantages. Its underlying technology is derived from Litecoin. The biggest feature of Dogecoin is its "low price" and "unlimited supply".
The success of the Dogecoin project is largely due to its die-hard community of followers, who helped breathe new life into the project in its early days. This included expanding dogecoin’s utility as a tipping cryptocurrency through third-party applications and using doge to support a range of charitable causes — some of which have attracted mainstream media attention.
Dogecoin has come a long way since 2013, reaching a market cap of $88 billion during its price surge in May 2021. Here are some of the most important historical milestones for Dogecoin:
December 2013: Dogecoin is created by Jackson Palmer.
March 2014: The Dogecoin community raised $55,000 in DOGE to sponsor NASCAR driver Josh Wise.
June 2014: The Dogecoin Foundation is established to manage the currency's code.
April 2015: Co-founder Jackson Palmer leaves Dogecoin.
January 2018: Dogecoin’s market value briefly exceeded $2 billion.
July 2020: A viral TikTok challenge causes Dogecoin trading volume to surge, driving the price up 96%. A series of price fluctuations passed quickly.
January 2021: Dogecoin’s market value surges to over $9 billion in a price surge orchestrated by the SatoshiStreetBets subreddit on Reddit.
May 2021: Dogecoin hits an all-time high of $0.73 before Elon Musk appears on Saturday Night Live.
May 2021: Dogecoin developers reveal that Musk has been advising them since 2019.
June 2021: Cryptocurrency exchange Coinbase launches Dogecoin.
November 2022: Musk announces that he will upgrade Dogecoin together with Vitalik Buterin, driving the price of Dogecoin up; Buterin has not confirmed this.
Despite being born from a meme, Dogecoin has become one of the highest-valued cryptocurrencies, with a 5,000% return in 2021 and endorsement from millions of users, including famous supporters such as Elon Musk and Snoop Dogg. As of 11/29/2023, Dogecoin is one of the top 10 cryptocurrencies by market cap and is currently the number one meme coin.
How Dogecoin DOGE works
Dogecoin is indirectly based on the code of Bitcoin, the first cryptocurrency. More specifically, it was created as a hard fork of the now-defunct LuckyCoin, which was a hard fork of Litecoin (LTC). After Litecoin split from Bitcoin, it is known as the first hard fork ever.
Dogecoin borrows Litecoin’s Scrypt-based consensus mechanism, which is how DOGE shares many features with Bitcoin and its hard forked “derivatives.” The use of Scrypt in Dogecoin’s Proof of Work (POW) algorithm prevents miners from using ASICs — specialized equipment used in Bitcoin mining.
Just like Bitcoin, network participants in the Dogecoin blockchain use their computing power to secure the network and facilitate block creation while validating transactions. The difference is that Dogecoin has a "light" architecture, which allows Dogecoin to process transactions more quickly than Bitcoin. Dogecoin can be mined through the computing power used by network participants to produce new blocks and verify transactions by solving mathematical equations.
For each block generated, miners will receive 10,000 DOGE as a reward.
Dogecoin creators Jackson Palmer and Billy Markus originally designed the network's most popular coin with a cap of 100 billion DOGE. However, the team removed that limit just a few months after launch. After the monetary policy change, Dogecoin's supply became inflationary, with 5 billion new Dogecoins being created every year.
What is unique about Dogecoin?
Dogecoin is marketed as a fun and friendly online currency that is unique. Dogecoin was seen as a joke when it was launched in 2013, but the project attracted millions of fans in the first month alone.
Unlike many cryptocurrencies and digital assets that are viewed as ambitious and groundbreaking blockchain projects, Dogecoin takes a more casual approach while still offering desirable features such as near-zero fees, instant transactions, a strong yet relaxed community, and non-competitive mining.
The following are the features of Dogecoin DOGE:
Speed and Cost: Dogecoin offers fast transactions and low transaction fees, which are crucial for widespread adoption.
Unlimited supply: Dogecoin was originally capped at 100 billion, but was later changed to unlimited supply. This makes the price relatively stable.
Community: At the heart of Dogecoin is its active community. The more than 300,000 members of the r/dogecoin subreddit are known for being friendly and welcoming.
Philanthropy: The One Community has been known to rally around good causes. They raised over $25,000 in Dogecoin to help the cash-strapped Jamaican bobsled team compete in the 2014 Olympics. They also partnered with water charities to raise thousands of dollars through the Doge4Water initiative to improve clean water access in Kenya.
How to Store Dogecoin (DOGE)
Securing your Dogecoin (DOGE) investment, especially for long-term or large holdings, requires a powerful storage solution.
Hardware wallets are known for their enhanced security and are the first choice for protecting Dogecoin (DOGE) assets.
options. These devices store cryptocurrency offline in “cold storage,” effectively making it immune to online vulnerabilities and hacker threats. Take a look at some of the best solutions available here.
For those who are unsure about hardware wallets, Dogecoin (DOGE) is also widely supported by non-custodial software wallets. Take a look at some of the best software wallet solutions available here.
For Dogecoin (DOGE) users, choosing the right storage option is crucial, with hardware and non-custodial software wallets offering secure solutions for large investments and long-term holding.
