Dogecoin (DOGE) Surges 19% After Tesla Starts Accepting Unique Spoof Crypto

[ad_1]

The price of dogecoin (Doge) soared more than 19% on Friday before retreating later after Tesla began accepting the cryptocurrency, initially created as a joke, as payment for certain branded merchandise.

Tesla billionaire CEO Elon Musk announced the development on Twitter on January 14, a month after first hinting that the electric car maker would test the same cryptocurrency as a payment option.

Dogecoin rose above $0.20 after the news, although it later fell back to around $0.18, according to data compiled by CoinGeckco. At the time of writing, the coin is down 3.78% in 24 hours, but up 21% in the past week.

Created as an online satirical piece, the digital asset has soared 4,000% since last year, largely thanks to Elon Musks’ tweets. The billionaire loves Doge: he described him as the crypto people. Musk also thinks dogecoin is more suitable for transactions than bitcoin.

Musk moves market prices

His tweets often move the prices of both cryptocurrencies. In March last year, Musk revealed that Tesla would start taking BTC for payment, but reversed the decision two months later citing environmental concerns.

Bitcoin rose 5% after Musk announced it as a payment option, but prices fell 12% when the plan was scrapped in May 2021.

According to Tesla’s website, customers can now choose to purchase a selection of items using dogecoins, including Tesla-branded belt buckles (835 Doge or $159) and off-road vehicles for children (12 020 Doge or $2,283), which are currently sold out.

The company says purchases are non-refundable and cannot be returned. If an order is overpaid in dogecoin, the overpaid amount will not be refunded to the original payment method, Tesla says, adding that it can take up to six hours for the Dogecoin network to confirm your payment.

What do you think of this subject? Write to us and tell us!

Disclaimer All information on our website is published in good faith and for general information purposes only. Any action the reader takes on the information found on our website is strictly at their own risk.

[ad_2]