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Elon Musk Confirms Plan To Reopen Dogecoin Payment For Tesla
Elon Musk, the CEO of Tesla, has confirmed that he wants to bring back Dogecoin payments for Tesla merchandise. This announcement comes after the US district court ruled in favor of Elon Musk and Tesla in the Dogecoin manipulation lawsuit, dismissing the case with the judge calling the tweets "aspirational and puffery".
Elon Musk Confirms Plan To Reopen Dogecoin Payment For Tesla
Elon Musk confirmed on Saturday that he wants to bring back Dogecoin payments for Tesla merchandise. He reacted "Me" to a post by Sir Doge of the Coin on who wants the company to reinstate the Dogecoin payment option for merchandise.
While he plans to reopen Dogecoin payment option for merchandise only initially, the company may enable DOGE payments for its vehicles. Musk has voiced his support over this many times earlier, including at a recent event held at its Giga Berlin facility in Germany this year.
Moreover, DOGE adoption will gain with Musk supporting the meme coin for wider acceptance including payments after the recent win in the Dogecoin class action lawsuit.
DOGE Price To Rally
Elon Musk is an avid supporter of the coin and hinted at plans to integrate DOGE for payments service on social media platform X. As CoinGape earlier reported, the electric car company updated payment methods to include Dogecoin for its products. Tesla products can be purchased through a Dogecoin wallet only. DOGE price skyrocketed over 20% on the news.
DOGE price analysis shows the price can rally 50% after Elon Musk Dogecoin lawsuit. The development has also led some to speculate on a rally to $1. DOGE price jumped 1% in the past 24 hours, with the price currently trading at $0.101. The 24-hour low and high are $0.097 and $0.102, respectively. Furthermore, the trading volume has increased by 21% in the last 24 hours, indicating a rise in interest among traders.
Conclusion
In conclusion, Elon Musk’s confirmation to bring back Dogecoin payments for Tesla merchandise has sent shockwaves in the cryptocurrency market. The decision is seen as a positive step for DOGE adoption and has led to a surge in the price of the cryptocurrency. With Musk’s continued support, DOGE is likely to see increased adoption and trading volume.
FAQs
Q: What is Dogecoin?
A: Dogecoin is a cryptocurrency that was created as a joke, but has since gained popularity and is now considered a legitimate cryptocurrency.
Q: What is the current price of Dogecoin?
A: The current price of Dogecoin is $0.101.
Q: How did Elon Musk get involved with Dogecoin?
A: Elon Musk has been a long-time supporter of Dogecoin and has used his Twitter account to promote the cryptocurrency.
Q: What are the benefits of using Dogecoin?
A: Dogecoin is a fast and cheap cryptocurrency, making it a popular choice for small transactions and online purchases.
Q: Is Dogecoin a good investment?
A: Like any cryptocurrency, Dogecoin is a high-risk investment and its value can fluctuate rapidly. It is important to do your own research and consider your own risk tolerance before investing in Dogecoin.
