Dogecoin (DOGE) prices rose after the meme coin became a payment option in Tesla’s online store.
DOGE has surged more than 4,000% since Elon Musk first mentioned it on Twitter in 2019.
Over the past 24 hours, DOGE climbed more than 17%, reaching a high of $0.199, with trading volume around $3.8 billion since December 14, according to CoinGecko data. Its total market capitalization was also about $3.8 billion.
Dogecoin and Tesla
Tesla CEO Elon Musk has repeatedly promoted Dogecoin across various platforms, including U.S. television interviews, and once called it the “future of currency” during a Saturday Night Live segment.
Musk’s social media mentions of DOGE often coincide with notable price movements. He first referenced Dogecoin on Twitter on April 2, 2019, calling the cryptocurrency “very cool.”
In March 2021, Musk enabled Bitcoin payments for Tesla vehicles, but he paused Bitcoin payments less than two months later, citing environmental concerns until mining became greener. Tesla later reinstated Bitcoin as a payment method in October of the same year.
In December 2021, Musk announced that Tesla would soon accept Dogecoin for merchandise purchases. True to that statement, Tesla’s online store now accepts DOGE for select items.
What can customers buy?
Customers can now choose to purchase select merchandise using DOGE.
Selected items available for purchase with the meme coin include the “Giga Texas Belt Buckle” priced at 835 DOGE (about $166), the Cyberwhistle at around 300 DOGE (about $59), and the electric Cyberquad listed at 12,020 DOGE (about $2,391).
Elon Musk personally holds Ether (ETH), Bitcoin (BTC), and Dogecoin (DOGE). According to Bitcoin treasury data, Tesla holds roughly 42,900 BTC on its balance sheet, the second-largest corporate holding after MicroStrategy.