Elon Musk announced last year that the company is planning to accept DOGE.
In December 2021, Elon Musk, CEO of Tesla, announced that the company is planning to accept DOGE as a mode of payment. After the recent testing, the DOGE community is hoping for an official announcement from Musk in the coming days. On its website, Tesla has a dedicated section for Dogecoin to explain the process of buying the products of the company through DOGE.
“To purchase using Dogecoin on the Tesla Shop, a user will need a “Dogecoin wallet.” A DOGE wallet is a device, platform, app, and software that supports DOGE transfers. When checking out with DOGE, the payment page will display the Tesla Dogecoin wallet “address” in both an alphanumeric code and a QR code form for you to connect to your DOGE wallet to transfer the DOGE,” the company noted.
Dogecoin rises after Tesla news.
Following the testing rumors, the price of the meme coin spiked by nearly 12% within two hours. In the last seven days, Dogecoin jumped by almost 25%. After hitting an all-time high of over $0.70 in May 2021, DOGE has been in a downtrend. The most valuable meme coin also faced challenges from Shiba Inu (SHIB). With a market cap of more than $25 billion, DOGE currently holds 11th position in the most valuable digital currencies list.