The self-proclaimed Dogefather’s tweet sent the original meme token to fly higher to $0.2029 on Friday from $0.1623.
Tesla merch buyable with Dogecoin
— Elon Musk (@elonmusk) 1642141130000
Sharat Chandra, VP- Research & Strategy, EarthID, a self-sovereign Identity Management Platform, said that Tesla enabled its back-end to allow Dogecoin payments merchandise such as Cybersquad and Giga Texas Belt Buckle.
“People are more open to using cryptos for payments. Visa’s recent survey demonstrated that small business owners across nine geographies are willing to accept digital currencies as payment methods,” he added.
Tesla doesn’t accept Dogecoin for electric cars, but one can technically buy an electric vehicle with the largest meme coin. Tesla’s Cyberquad, a $1,900 quad bike designed for children, can be purchased with the meme token.
In its FAQ section, Tesla highlights that it doesn’t accept other cryptocurrencies apart from Dogecoin. The release of version 1.14.5 of Dogecoin Core dramatically reduced fees for all network participants.
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.
Following the push from 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.
Both Dogecoin and Polkadot were in cut-throat competition as both the tokens were commanding a market cap little over $26.3 billion, the data from Coinmarketcap suggested.
The total traded volume of Dogecoin zoomed about 200 per cent as tokens were more than $4.39 billion exchanged hands in the last 24 hours. There are 132.67B Doge tokens in supply.
