Dogecoin (DOGE) jumped 20% after the Tesla announcement!
On Friday, Tesla launched Dogecoin (DOGE) payments, which are now accepted for payments in Elon Musk’s favorite cryptocurrency.
More than a month ago Musk announced that Tesla would try DOGE as a potential payment method. Since that announcement, Musk and the company have tried to keep the matter under wraps. But despite the secrecy, Tesla’s secrets were leaked earlier this week. A Twitter user pointed out that Dogecoin is listed on Tesla’s payment page. However, while the community awaits official confirmation, Tesla has launched a support page for Dogecoin only, and CEO Elon Musk said so in a tweet.
Tesla product can be purchased with Dogecoin
Dogecoin can be used to purchase various products from Tesla, but electric cars are not among them. However, customers are allowed to use the meme token to purchase a children’s ATV for $1,900. In addition, the CyberWhistle also costs 300 DOGE.
Users making DOGE purchases will need a Dogecoin wallet. During checkout, the Tesla Dogecoin wallet address is displayed as both an alphanumeric code and a QR code on the checkout page. This allows users to easily connect and transfer funds to Dogecoin wallets.
No other cryptocurrencies will be accepted
The company also explained on its support page that DOGE is the only cryptocurrency accepted by Tesla, and that no other cryptocurrencies will be accepted:
“Tesla only accepts Dogecoin. Other digital assets cannot be accepted or detected by Tesla. Make sure you are using Dogecoin to make a purchase. Publishing any other digital asset may result in the loss or destruction of assets. Digital assets other than Dogecoin sent by Tesla will not be returned to the recipient.”
While all other cryptocurrencies in the market were drowning in a sea of red, DOGE earned a pretty decent profit. According to CoinGecko, after news circulated in the community that Tesla would be accepting payments, DOGE recorded a big gain, climbing to the $0.2003 level. At the time of writing, however, the original meme coin had a small pullback, dropping to $0.1991, a 17% increase over the last 24 hours.
Upon hearing this, the cryptocurrency and DOGE community rejoiced. DOGE’s potential acquisitions in Telsa could give the meme cryptocurrency a much-needed boost in the coming days.