- Elon Musk says Tesla should accept Dogecoin as payment for its electric cars “at some point,” Cointelegraph reports.
- Musk shared his optimism on Dogecoin during his visit to a Tesla Gigafactory in Berlin.
- Prices of tokens such as Dogecoin, Grok and Optimus AI, which Musk has previously endorsed, increased on Thursday.
Tesla CEO Elon Musk, popularly known as “Dogefather” due to his history of comments endorsing Dogecoin (DOGE), said Wednesday that the meme coin could become an official payment method for Tesla cars “at some point.”
DOGE price increased 8.4% to $0.1876 after Musk’s remarks. This surge in interest also supported a price rally of other tokens related to Tesla CEO such as Grok (GROK) and Optimus AI (OPTI).
Also read: Elon Musk open to using Bitcoin on X, fueling hope among market participants
Elon Musk comments catalyze DOGE gains
During a session at Tesla’s Gigafactory in Berlin, Germany, the CEO responded to an audience member’s question about when it will be possible to buy Tesla with Dogecoin. “At some point I think we should enable that,” Musk said, fueling hopes of the meme coin’s acceptance as a payment method at Tesla.
"Tesla will enable Doge payments at some point. Doge to the Moon"
— DogeDesigner (@cb_doge) March 14, 2024
一 Elon Musk
@dogeofficialceo pic.twitter.com/76HlBG0Qsi
The Dogefather’s advocacy and acceptance of the largest meme coin is not new. Musk has previously made remarks on Dogecoin, calling the asset “people’s crypto” and endorsing DOGE on various occasions since 2021.
The comments have likely catalyzed gains in DOGE price on Thursday. The broader crypto market benefited from the positive sentiment and Bitcoin’s new all-time high at $73,777 on Thursday, further supporting DOGE gains.
DOGE price climbed 8.4% on the daily timeframe.
Other Musk-related tokenssuch as GROK and OPTI noted 0.5% and 2.4% gains on the day.
Elon Musk related tokens. Source: CoinGecko
DOGE holders remain positive on Musk’s acceptance of Dogecoin as a payment method for X in the future, when the social media platform rolls out its in-app payment service. Musk’s electric car business has been accepting Dogecoin payments for Tesla merchandise since 2022, it remains to be seen whether customers will be able to pay for their car purchases using DOGE.
Tesla merch buyable with Dogecoin
— Elon Musk (@elonmusk) January 14, 2022
(This story was corrected on March 14 at 12:56 GMT to say "Tesla Gigafactory in Berlin" not "Tesla factory at Giga Berlin.")
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
LINK price jumps 10% as Chainlink races toward tokenization of funds
Chainlink (LINK) price has remained range-bound for a while, stuck between the $16.00 roadblock to the upside and $13.08 to the downside. However, in light of recent revelations, the token, which powers the verifiable web of the decentralized computing platform, may have further upside potential.
Gaming token Notcoin down by almost 50% after airdrop launch
NOT experienced a rapid decline hours after its anticipated launch on Thursday, shedding almost 50% of its value. This continues the cycle of huge selling pressure faced by cryptocurrency airdrops after their launch, especially the launch of gaming tokens in recent times.
Ethereum drops below $3,000 again, spot ETH ETF sparks debate in crypto community
Ethereum again went below the $3,000 key level on Thursday after posting signs of a rally. The price action follows predictions from the community regarding the SEC's decision on spot ETH ETFs next week.
SUI price defends $0.8880 amid multiple Sui network integrations
Sui (SUI) price failed to heed to the broader market recovery on Wednesday, extending the fall to the $0.8880 support level. However, with multiple network integrations in the works, the altcoin has pivoted around this level and is scaling a recovery.
Bitcoin: Why BTC is close to a bottom
Bitcoin (BTC) price efforts of a recovery this week have been countered by selling pressure during the onset of the American session. However, the downside potential appears to have been capped.