Elon Musk announces Dogecoin payments for Tesla merch

Elon Musk, CEO of Tesla Motors, tweeted in assist of Dogecoin and declared that Tesla will now settle for Dogecoin as fee for its merchandise. The tweet prompted the token costs to soar previous 30% inside minutes after the announcement was made on-line.

The Tesla CEO has been a protracted supporter of Dogecoin, a Japanese Shiba Inu-based foreign money that was created as a joke in 2013.

Tesla to just accept payments in Dogecoin

Musk, who was not too long ago declared as Time Magazine’s particular person of the 12 months, has at all times been a devoted dogecoin supporter. The Tesla chief had earlier prolonged his assist to Dogecoin when the unique creators of the meme foreign money had abandoned the mentioned enterprise in 2015.

Tesla isn’t the one firm that has overtly declared its assist to Dogecoin. The Dallas Mavericks, a basketball group owned by crypto investor Mark Cuban had earlier backed Dogecoin by accepting it as fee for its merch and tickets.

While Tesla will be the largest company holder of Bitcoin, Musk has at all times proven curiosity in Dogecoin and has tweeted a number of instances in assist of the meme foreign money. In May, Musk had tweeted that he was working with Dogecoin builders to enhance its system effectivity.

“Fundamentally, Bitcoin isn’t a great substitute for transactional foreign money. Even although it was created as a foolish joke, Dogecoin is best suited for transactions,” Musk mentioned in an interview with Time Magazine

Following Musk’s tweet to just accept payments in Dogecoin, the value of the token has surged previous 30%, and as per CryptoSlate, is at present buying and selling at $0.20.

Posted In: Dogecoin, Memecoins

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