Dogecoin Jumps 16% After Elon Musk’s Tesla Starts Accepting It As Payment

Dogecoin is now accepted by electric car giant Tesla for some of its merchandise. The official Tesla shop website has listed some items in terms of Doge instead of regular USD value.

Customers can proceed to buy these items and pay with Dogecoin. Elon Musk, the CEO of the company took to his official Twitter handle and announced that Tesla has officially began accepting payment in Dogecoin on it’s website.

Which Products Can You Buy With Doge?

The items that can be purchased with Doge are:

  • Cyberquad for Kids (12,020 doge / around $2,320)
  • Giga Texas Belt Buckle (835 doge / around $161) and,
  • Cyberwhistle (300 doge / around $58).

DogeArmy was delighted after the news broke out and Dogecoin jumped more than 15% on the news. It is the biggest meme-coin in the world but it seems like the path to stability and real-world utility is getting clearer for Doge.

In the UK, the S3XY Mug is only buyable using Dogecoin from the online Tesla store. The price of the merch is 150 doge (around $29).

In the past Elon Musk has said “Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment”.

DogeArmy Vs ShibArmy

Shiba Inu is at the second place in the meme-coin race. Recently, Shib investors also had a reason to celebrate as a Crypto label by the name of Bigger Entertainment successfully completed the burn of one billion Shiba Inu coins.

If you’re not aware about Coin Burns, it is essentially the practice of destroying the coin so that it is not available for further and is wiped off the supplies. This is done by sending the coins to any forgotten or specialized wallets whose private keys are not accessible. This, in turn, removes the token from supply and helps boost the price of the cryptocurrency.

What do you think about the whole story? Tell us your thoughts in the comments.

Shaheer is passionate about living a life seeking un-ending knowledge, philomath, as you may think of him. He's a student of Finance and a keen observer of Business and Indian-Political scenario who takes pleasure to pen down his views and opinions on the same. As his guiding mantra to life, ‘Come what may , life goes on’ helps.

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