DOGE Skyrockets After Tesla added Dogecoin as a payment method

Tesla, the popular electric car manufacturer led by Elon Musk, has officially integrated Dogecoin (DOGE) as a payment option on its website.

This month, DOGE has risen more than 35%, Tesla's announcement will increase significantly.

Tesla integrates DOGE payments

Tesla has officially accepted Dogecoin, updating its payment page to feature the OG meme coin. The add-on states that DOGE can only be used to pay for select products, including merchandise in the online Tesla store.

The first response in the FAQs section instructs users to look for the Dogecoin symbol next to the “Order” button for eligible products. According to the support page, individuals interested in shopping at a Tesla store using Dogecoin must first own a “Dogecoin wallet.”

The disclaimer also states that “It is the buyer's responsibility to ensure that Dogecoin is transferred to the Tesla Dogecoin wallet correctly.”

Following the announcement, Dogecoin rose 21% to $0.1685, currently trading at $0.1672, representing a 4% increase in the last 24 hours, indicating that it has been accepted as a payment currency for Tesla.

Meanwhile, analysts suggest that DOGE is on a rough path. There have been significant increases in various indicators related to the Dogecoin ecosystem. Over the past three months, the number of non-empty DOGE bags has risen by 13.8 percent.

The total daily volume of transactions above $100,000 was nearly $1.5 billion, a 12 percent increase from May 1 figures.

Daily active contacts experienced a 20% increase, to over 66,000. In the year Since May 4, Dogecoin has doubled in its bull run, emerging as one of the top performers with a 6% increase.

Tesla's history with DOGE

This isn't the first time Elon Musk's companies have made cryptocurrency payments. Elon Musk has already said that Tesla will start accepting Dogecoin as payment for some of its products.

In January 2022, Tesla began accepting Dogecoin as an experiment, giving DOGE a variety of company merchandise such as the Tesla Cyberwhistle and the “Giga Texas” belt buckle. The successor, SpaceX, another Musk-led company, also accepted Dogecoin payments.

Fast forward to March 2024, during a visit to the Gigafactory in Berlin, he hinted at implementing Dogecoin payments for Tesla's electric cars. Musk's announcement immediately led to a 10% price increase in DOGE.