Tesla Accepts Dogecoin (DOGE) Payments

Electric vehicle maker Tesla is in the process of testing accepting payments in Dogecoin (DOGE), as promised by CEO Elon Musk.

Since its inception in 2014, Dogecoin has delivered a return of about 45,000 per cent to investors. However, it is trading about 35 per cent below its all-time peak.

In addition, the electric vehicle manufacturer has prepared information to answer questions about the payment function with Dogecoin. The company said that to be able to pay DOGE for purchases, users need a “Dogecoin wallet” – any software, application, or device that supports DOGE money transfer. The user then has to scan the Tesla DOGE wallet QR code to make the transaction and transfer the correct amount required to be able to make a successful purchase.

The company also further noted that the company currently only accepts payments in a single cryptocurrency, Dogecoin (DOGE). Users can lose money if they transfer other cryptocurrencies to Tesla and the car company will not be responsible for compensation.

Following the push from Elon Musk, Dogecoin briefly entered the top 10 digital tokens in terms of market cap. However, profit-booking pushed the token to the 11th spot, behind Polkadot.

Immediately after the information was confirmed by the Tesla CEO, the DOGE price immediately increased by 17.62% at the time of updating the article.

DOGE/USDT pair on Binance exchange at 2:34PM on January 14, 2022.
DOGE/USDT pair on Binance exchange at 2:34PM on January 14, 2022