The price of Dogecoin (DOGE) has been going up after payment using the meme coin went live on Tesla’s online shop.
DOGE has gone up by over 4000% since the first time Musk tweeted about it in 2019.
In the last 24 hours, the price of DOGE has risen more than 17% hitting a high of $0.199 and trading a volume of around $3.8 billion since December 14 according to data from CoinGecko and the total market cap at $3.8 billion.
Dogecoin and Tesla
Tesla CEO Elon Musk has been supporting and promoting Dogecoin on several platforms including US television during interviews and at one time he called Dogecoin ‘’the future of currency’’ during a Saturday Night Live Skit.
Also, on Musk’s social media post, his DOGE mentions are always associated with significant price movement. He first mentioned Dogecoin on Twitter by calling the crypto ‘’pretty cool’’ on 2nd April 2019.
In March 2021, Elon Musk enabled Bitcoin payments for Tesla cars and in less than two months later terminated Bitcoin payments until Bitcoin goes green. But it was long before the EV manufacture, Tesla, resumed Bitcoin payments; it resumed BTC payments in October the same year.
Last month (December 2021) Musk said that Tesla would soon start accepting payments in Dogecoin for its merchandise. And true to his word, Dogecoin payments on Tesla online shops have gone live for selected items.
What customers can purchase
Customers can now choose to purchase from a selection of items using the DOGE coin.
Link: https://t.co/VZhhL4PbWH pic.twitter.com/iPTwRUWMOS
— Sawyer Merritt (@SawyerMerritt) January 14, 2022
Some of the selected items that customers can purchase using the meme coin include a “Giga Texas Belt Buckle” for 835 DOGE (US$166), a cyberwhistle for around 300 DOGE (US$59), and an electric cyberquad for 12,020 DOGE (US$2,391).
Musk personally owns Ether (ETH), Bitcoin (BTC), and dogecoin (DOGE) and according to Bitcoin treasuries Tesla holds around 42,900 BTC on its corporate balance sheet, second only to MicroStrategy.