Tesla officially integrates Dogecoin as a payment method, increasing its value
Tesla, the electric car maker led by Elon Musk, has officially integrated Dogecoin (DOGE) as a payment method on its website, according to CryptoPotato. The move contributed significantly to DOGE's surge of over 35% this month. The payment page now includes Dogecoin, indicating that it can only be used to pay for selected products, including items in the Tesla Shop online store. Users are encouraged to look for the Dogecoin symbol next to the "order" button for the relevant products.
To make a purchase with Dogecoin, people must first have a "Dogecoin Wallet". A disclaimer on the site states that the buyer is responsible for ensuring the accurate transfer of Dogecoin to Tesla's Dogecoin wallet. Following this announcement, Dogecoin rose 21% to $0.1685 and is currently trading at $0.1672, representing a 4% gain in the last 24 hours. This indicates a favorable market reaction to Tesla's introduction of cryptocurrency for payments.
Analysts suggest that DOGE is on an upward trajectory, with various indicators related to the Dogecoin ecosystem showing notable growth. Over the past three months, the number of non-empty DOGE wallets has increased by 13.8%. The cumulative daily volume of transactions above US$100,000 has almost reached US$1.5 billion, up 12% from May 1st. Daily active addresses increased by 20% to over 66,000. As of May 4, Dogecoin stood out as one of the top performers with a 6% increase.
This is not the first time that Elon Musk's companies have tried to participate in cryptocurrency payments. In January 2022, Tesla began accepting Dogecoin as an experiment, offering a variety of company products for DOGE. SpaceX, another Musk-led company, has also accepted Dogecoin payments. In March 2024, during Musk's visit to the Giga factory in Berlin, he hinted at the introduction of Dogecoin payments for Tesla electric cars, which immediately caused a 10% spike in DOGE prices.
