You’re herean American multinational automobile and clean energy company led by a billionaire entrepreneur, Elon Muskannounced that it will now accept Dogecoin (DOGE) as a payment method on select products in the Tesla Store.
The move is an exciting development for Tesla and the broader crypto community, as it marks another crucial example of major companies adopting meme-based cryptocurrencies. Additionally, it also raises speculations on whether Musk’s other projects, particularly X paymentscould follow suit and adopt Dogecoin.
Tesla integrates Dogecoin as a payment method
Tesla has integrated Dogecoin in its payment system, allowing users to purchase merchandise when opting for Dogecoin-eligible products. The automaker made the announcement on its official platform, providing a comprehensive overview of usage Dogecoin for paymentsincluding details of associated fees and requirements.
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You’re here disclosed that customers can use Dogecoin to purchase merchandise through the Tesla store. Additionally, some products will have prices listed in DOGE, making it easier for customers to identify products eligible for DOGE payments.
The automobile firm also reported that Dogecoin payments can take between one minute and six hours to process and confirm during transactions. Furthermore, the company emphasized that it does not recognize or accepts Dogecoin in its payments in digital currency, without taking into account other cryptocurrencies.
Following Tesla’s announcement, the DOGE price rose by 0.78%, trading at $0.16 at the time of writing. It has also seen an increase of 15.48% over the past few days, according to CoinMarketCap.
Member of the crypto community, identified as “Kyledoops”, on X (formerly Twitter), disclosed that the price of Dogecoin has increased by more than 40% over the past four days, suggesting that the bullish momentum may have been an anticipation of Tesla’s impending announcement.
As the crypto community closely monitors DOGE’s performance following Tesla’s announcement, speculations multiply regarding X Payments being next in line for DOGE adoption.
Is X Payments the next step for DOGE adoption?
The possibility of Dogecoin being integrated into Musk’s recently launched payments platform ongoing debate within the crypto community even before the release of the platform. As Musk endorses the popular meme-based cryptocurrency by accepting it as a payment method on Tesla, expectations of X payments being the next step for DOGE adoption are high.
The integration of Dogecoin in X Payments could open new avenues for its daily use, driving cryptocurrency adoption and providing community members with more flexibility and accessibility when navigating the social media platform X. Despite the high expectations, Neither Musk nor Team X have disclosed any information regarding the potential integration of DOGE payments into the X platform.
DOGE price holding strong at $0.159 | Source: DOGEUSDT on Tradingview.com
Featured image of Tesmanian, chart from Tradingview.com
