Categories: Crypto News

Elon Musk Hints Tesla May Accept Dogecoin Payments Soon

Published by
Nonhlanhla

Elon Musk, Tesla’s CEO and affectionately dubbed the “Dogefather” for his support of Dogecoin (DOGE), hinted on Wednesday that the popular meme coin might soon be accepted as payment for Tesla vehicles. This announcement led to an 8.4% surge in DOGE’s value, reaching $0.1876, and also uplifted other Musk-associated cryptocurrencies like Grok (GROK) and Optimus AI (OPTI).

During an engagement at Tesla’s Gigafactory in Berlin, Musk was queried about the feasibility of purchasing Tesla cars with Dogecoin, to which he responded affirmatively, suggesting future plans to incorporate DOGE as a payment method. Musk’s consistent endorsements of Dogecoin since 2021, referring to it as the “people’s crypto,” have significantly influenced its market performance.

Musk’s latest comments not only spurred a rally in DOGE’s price but also positively affected the broader cryptocurrency market, coinciding with Bitcoin reaching a new all-time high of $73,777. This overall market uplift saw DOGE’s daily value increase by 8.4%, while other Musk-related tokens also experienced gains.

In South Africa, the potential acceptance of Dogecoin by Tesla could pave the way for innovative payment solutions, aligning with the country’s growing interest in cryptocurrency and electric vehicles. Musk’s electric car company has already begun accepting Dogecoin for merchandise since 2022, but the extension to vehicle purchases remains highly anticipated.

The prospect of using DOGE for transactions on X (formerly Twitter), as the platform explores in-app payment services, alongside the existing option for Tesla merchandise purchases, underscores Musk’s commitment to integrating cryptocurrencies into mainstream commerce. South African Tesla enthusiasts and DOGE holders are keenly awaiting confirmation, hoping to soon have the option to buy Tesla cars with their favorite meme coin.

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Nonhlanhla

Nonhlanhla P Dube is a senior news reporter. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her on: Email: nonhlanhla@rateweb.co.za