The Dogecoin price flew by more than 15% before giving up some of its gains after Tesla began accepting the cryptocurrency as payment for some of its merchandise, as the Doge Coin topped $0.20 before falling back to $0.18, up 9%.
There are a few products that can be purchased with cryptocurrency, which started as a meme or joke. A Tesla Cybertruck whistle can be purchased for 300 Dogecoin, which equates to $59 at the time of writing.
It is worth noting that the schemes to accept Dogecoin as a payment method have already started some time ago. Read more [Tesla Accepts Dogecoin as Payment for Merchandise] and [SpaceX will accept Dogecoin as payment for trips to the moon].
There are some terms and conditions that come with using Dogecoin to purchase commercial goods from Tesla, as users will need a Dogecoin wallet to transfer digital money to Tesla, and the company warns that confirmation of the payment for the Dogecoin network may require a period of up to 6 hours, and that any orders paid in Dogecoin cannot be canceled or returned.
This is not the first time that Tesla has accepted a cryptocurrency as a method of payment. Last year, it purchased $1.5 billion in Bitcoin at a time when it stated that it planned to accept purchases through it, but Musk later stopped accepting Bitcoin, citing environmental concerns about its mining, but he said again that he might reuse it. Read more [It is possible to buy Tesla cars with Bitcoin], [Bitcoin at lowest value in 3 months after Musk’s tweets] and [Bitcoin crosses $40K after Musk says Tesla may use it again].
The meme, such as the Dogecoin, has had a huge trading volume and a huge rise over the past year and has been among the hottest trends in the markets. Read more [The Top Three 2021 Crypto Trends – End of The Year].