Tesla, an American multinational automotive and clean energy company led by billionaire entrepreneur, Elon Musk, has announced that it will now accept Dogecoin (DOGE) as a form of payment on certain products in the Tesla shop.
This move comes as an exciting development for Tesla and the broader crypto community as it marks another pivotal instance where major corporations embrace meme-based cryptocurrencies. Additionally, it also raises speculations about whether Musk’s other ventures, particularly X Payments, could follow suit and adopt Dogecoin.
Tesla Integrates Dogecoin As A Payment Method
Tesla has integrated Dogecoin into its payments system, allowing users to purchase merchandise when they opt for Dogecoin-eligible products. The automotive company made the announcement on its official platform, providing a comprehensive overview of utilizing Dogecoin for payments, including details on associated fees and requirements.
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Tesla disclosed that customers can use Dogecoin to purchase merchandise through the Tesla shop. Additionally, select products will have prices listed in DOGE, making it easier for customers to identify products eligible for DOGE payments.
The automotive firm has also indicated that Dogecoin payments may take between one minute to six hours to process and confirm during transactions. Moreover, the company has emphasized that it only recognizes and accepts Dogecoin in its digital currency payments, disregarding other cryptocurrencies.
Following Tesla’s announcement, the price of DOGE has been moving upward by 0.78%, trading at $0.16, as of writing. It also experienced a 15.48% increase over the past few days, according to CoinMarketCap.
A member of the crypto community, identified as “Kyledoops,” on X (formerly Twitter), disclosed that Dogecoin’s price has surged by more than 40% over the past four days, suggesting that the upward momentum may have been an anticipatory move to Tesla’s impending announcement.
As the crypto community closely monitors DOGE’S performance post-Tesla’s announcement, speculations are building concerning X Payments being the next in line for DOGE adoption.
Is X Payments The Next Stop For DOGE Adoption?
The possibility of Dogecoin being integrated into Musk’s recently launched X Payment platform has been an ongoing debate within the crypto community even before the platform’s release. With Musk endorsing the popular meme-based cryptocurrency by accepting it as a payment method on Tesla, expectations of X Payments being the next stop for DOGE adoption are high.
The integration of Dogecoin into X Payments could open up new avenues for its everyday use, fostering the adoption of the cryptocurrency and providing community members more flexibility and accessibility when they navigate the social media platform, X. Despite expectations being high, neither Musk nor the X team has disclosed information regarding the potential incorporation of DOGE payments into X’s platform.
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