February 25, 2024

Tesla CEO Elon Musk tweeted on Friday that customers can use the meme token DOGE to buy the firm’s merchandise.

Elon Musk’s favorite crypto DOGE has gained nearly 25% within the past 24hrs, following a Tweeter post from the Tesla billionaire. The post highlighted that the company accepts DOGE for payments in Tesla’s merchandise.

The ‘Dogefather’ sent the canine-themed coin higher, exploring levels of $0.2029 during Friday sessions from the lows of $0.1623. Keep in mind that the executive has been supporting Dogecoin, contributing to its 2021’s ATH.

Individuals seem interested in crypto payments. The recent survey by Visa showed that business owners in nine geographies are open to accepting crypto as a mode of payment. Though Tesla does not allow DOGE for its electric cars, individuals can technically purchase merchandise from the company with the leading meme coin. For instance, one can buy the children’s bike Cyberquad with Dogecoin.

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Tesla’s AQ sections show that the company does not accept other digital tokens besides Dogecoin. Meanwhile, the Dogecoin Core 1.14.5 version saw network fees reducing dramatically. The dog coin has delivered near a 45,000% investor return since its launch in 2014. However, the token trades almost 35% from its ATH now.

Musk tweet saw DOGE entering the top ten crypto-list briefly before profit-taking pushed the meme coin to the 11-rank beneath Polkadot. Meanwhile, DOT and DOGE have been in tight competition in their market capitalizations, hovering t $26.3 billion (Coinmarketcap data).

Dogecoin’s total traded volume gained nearly 200% as the previous 24 hours saw tokens worth over $4.39 billion exchanging hands. Meanwhile, there are around 132.67 Billion DOGE coins in supply. Vistas Media Capital CEO Abhayanand Singh said that many investors consider DOGE an investment option. He also commented on Elon Musk’s support for the original meme coin.

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Singh believes day traders have enjoyed benefits from DOGE investments due to the asset’s extreme volatility.

It may be fascinating to watch Dogecoin’s upcoming price movements. Will the token keep the uptrends in the coming trading sessions? You can share your thoughts in the section below.

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