Musk Breaks: Tesla Will Accept Dogecoin Payments

Tesla will accept DOGE payments

According to IBC Group founder and A live video of the event shared by CEO Mario Nawfal showed that Musk said at the offline event that Tesla will support DOGE payment "sometime" in the future and bring DOGE "to the moon."

The market showed that the price of DOGE briefly rose to $0.19289 and then fell back.

Musk who loves Dogecoin

2013-2019: The birth and development of Dogecoin Early Development 

Dogecoin was created by Billy Markus and Jackson Palmer , originally born as a joke as a memetic cryptocurrency.

Initially, they wanted to implement a cryptocurrency that was more accessible, practical, and interesting than Bitcoin. The total supply of Dogecoin is set at 100 billion to ensure that the unit price and transaction fees of each Dogecoin remain low.

Its logo is a Japanese Shiba Inu named Kabosu, which is very famous on the Internet.

Dogecoin was originally designed to make cryptocurrency more accessible and interesting, and its emergence quickly attracted a loyal fan base. During this time, the Dogecoin community has demonstrated its unique culture and values ​​through charity events and sponsorship of sporting events.

On April 2, 2019, Musk, the founder of electric vehicle brand Tesla, aerospace technology start-up SpaceX and tunnel transportation technology company The Boring Company,in Dog Dogecoin was elected “CEO” in a poll held on Twitter.

Musk issued the first post supporting Dogecoin on Twitter: "Dogecoin may be my most Love cryptocurrency, it’s so cool.” Later, Musk wrote the profile of his personal Twitter account as “Dogecoin CEO.”

2020: Musk's first tweet 

2020 On March 3, 2019, Musk posted on Twitter that Dogecoin was his “favorite cryptocurrency.”

He then posted a series of tweets, including a meme image of Dogecoin flying to the moon. These tweets generated interest in Dogecoin and led to a short-term increase in the price of Dogecoin.

2021: Musk’s active participation 

In 2021, Musk’s Dogecoin tweets have become more frequent and specific. He called Dogecoin “the people’s cryptocurrency” on Twitter and mentioned Dogecoin in multiple interviews.

His tweets and comments triggered multiple price spikes for Dogecoin, and he even mentioned Dogecoin during an appearance on "Saturday Night Live." Musk’s support has made Dogecoin a hot topic in the cryptocurrency market.

In addition, on August 14, 2021, the Dogecoin Foundation announced "Re-establishing the Dogecoin Foundation to refocus on supporting Dogecoin ecosystem, community and promote the future of the Dogecoin blockchain. ” 

The Foundation is honored by the addition of Vitalik Buterin It has been revitalized by prominent advisors such as (co-founder and inventor of Ethereum) and Jared Birchall (representing Elon Musk).

2022: Litigation and Market Reaction 

2022, Musk and other celebrities are facing a class-action lawsuit for allegedly manipulating the price of Dogecoin.

On June 16 of that year, Elon Musk was sued for $258 billion. Plaintiff Keith Johnson filed the lawsuit in Manhattan federal court. Johnson cited Musk's repeated use of his massive social influence to promote altcoins, which he claimed artificially inflated prices.

Despite the legal challenge, Musk has publicly expressed support for Dogecoin and mentioned Dogecoin in some of his business plans . For example, he raised the possibility of using Dogecoin as payment for certain SpaceX services. These actions continue to impact Dogecoin’s market performance.

2023: Dogs on Twitter

2023, Egypt After Lon Musk acquired Twitter, he changed Twitter’s logo from the bluebird to Dogecoin’s Shiba Inu avatar on April 4.

This behavior triggered an enthusiastic response from the market, and the price of Dogecoin once rose by more than 30%. This change of logo is considered to be Musk’s dissatisfaction with the Dogecoin lawsuit, and it also reflects his support for Dogecoin.

2024: Tesla support

At the beginning of the year, Elon Musk recently In a Twitter Space hosted by Ark Invest CEO Cathie Wood, it was revealed that Dogecoin (DOGE) is still held, and SpaceX also holds BTC.

Recently, according to a live video of the event shared by DogeDesigner,Musk said at an offline event that Tesla will "sometime in the future" Support DOGE payment and let DOGE "to the moon".

In addition, Tesla’s super charging station in Hollywood is almost completed and will be opened soon. In the future, the project will accept Dogecoin payment. The charging station is expected to be launched within this year. Prior to this, Musk himself publicly disclosed as early as 2022 that when the Super Charging Station is officially launched, customers will be able to use Dogecoin for payment.

Future

But as time goes by, dogs The technological development of Dogecoin is starting to receive more attention.

Dogecoin’s development team is committed to improving its transaction efficiency and scalability to better serve its growing user base .

At the same time, Musk’s tweets about Dogecoin no longer seem to have the direct impact on the market as before, which may indicate that Dogecoin is gradually establishing To establish its own market position and no longer rely entirely on Musk's personal influence.

Written at the end

Dogecoin and Elon The relationship between Musk and Musk is a subject full of stories and controversy.

From a cryptocurrency considered a joke to being backed by one of the richest men in the world, the story of Dogecoin reflects The volatility and unpredictability of the cryptocurrency space.

In the future, whether Dogecoin can continue to maintain its unique status may depend on whether it can transcend the label of meme currency and develop Produce more practical applications and technological innovations.