Tesla Officially Integrates Dogecoin As Payment Option, Boosting Its Value

According to CryptoPotato, Tesla, the electric car manufacturer led by Elon Musk, has officially integrated Dogecoin (DOGE) as a payment option on its website. This move has significantly contributed to DOGE's surge of over 35% this month. The payment page now features Dogecoin, specifying that it can only be used to pay for select products, including merchandise within the online Tesla Shop. Users are instructed to look for the Dogecoin symbol next to the 'order' button for eligible products. To make a purchase using Dogecoin, individuals must first own a 'Dogecoin wallet.' A disclaimer on the site states that it is the purchaser's responsibility to ensure accurate transfer of Dogecoin to Tesla's Dogecoin wallet. Following this announcement, Dogecoin's value surged by 21% to $0.1685, currently trading at $0.1672, marking a 4% increase in the last 24 hours. This indicates a favorable market response to Tesla's adoption of the cryptocurrency for payments. Analysts suggest that DOGE is on a bullish path, with various indicators related to the Dogecoin ecosystem showing notable increases. Over the past three months, the number of non-empty DOGE wallets has surged by 13.8%. The aggregate daily volume for transactions exceeding $100,000 has nearly reached $1.5 billion, marking a 12% rise compared to figures observed on May 1. Daily active addresses have experienced a 20% increase, surpassing 66,000. As of May 4, Dogecoin stood out as one of the top performers with a 6% increase. This isn't the first time Elon Musk's companies have dabbled in cryptocurrency payments. In January 2022, Tesla began accepting Dogecoin as an experiment, offering various company merchandise for DOGE. SpaceX, another Musk-led company, also embraced Dogecoin payments. In March 2024, during Musk's visit to the Giga factory in Berlin, he hinted at implementing Dogecoin payments for Tesla's electric cars, causing a 10% price surge in DOGE immediately after.