It's no secret when Elon Musk, the richest man on the planet, is a fan of the original memecoin – Dogecoin. However, his support has risen to new heights now Tesla decide to enable payment DOGE for its products.
The company explain that users who want to choose memecoin need to have a wallet and they can transfer money via alphanumeric code or QR code once connected.
All Tesla products are priced in Dogecoin
The giant has promised to update product prices displayed in DOGE soon, but as of now, they are still in fiat currency. All Tesla products “will be explicitly priced in Dogecoin.”
Tesla also warns potential customers that orders placed with DOGE will be “unrevocable”. In addition, all such purchases are “single-closed” and cannot be returned, exchanged or cancelled.
The company emphasizes that Dogecoin is the type cryptocurrency the only one it accepts. The company used to allow payment in Bitcoin last year but was discontinued a few months later citing environmental issues.
Immediately after the news broke, DOGE spiked 30%, from $0.16 to a monthly high of $0.21. Currently, the memecoin has dropped slightly and is only at $0.1948.