Elon Musk’s Hint at Accepting Dogecoin for Tesla Sparks Price Surge of DOGE

A recent video emerged on X (formerly known as Twitter) on the @dogeofficialceo account, showcasing Elon Musk engaging with the public at the Berlin Gigafactory, a Tesla manufacturing plant. During the interaction, a member of the audience raised a question to Musk about the possibility of purchasing Tesla vehicles with DOGE in the future. Musk responded with optimism, stating, “At some point, we should enable doing that.” It is worth noting that Tesla already allows users to buy merchandise using Dogecoin.

Musk’s response generated significant excitement among investors, leading to a sudden surge in the token’s value from $0.172 to $0.188 as the video gained widespread viewership. In his characteristic style, Musk exclaimed, “Dogecoin to the moon!”

Interestingly, Musk’s endorsement of DOGE began after Tesla employees requested his support in making Dogecoin an official payment method. A similar appeal was made at SpaceX, where visitors demanded Dogecoin’s acceptance, ultimately leading to its adoption.

Musk considers Doge to be the people’s cryptocurrency, and he supports it for this reason. According to him, Bitcoin received support from many wealthy individuals, but he wanted to back a crypto that was favored by the general public.

In recent times, Musk’s “everything app” X (formerly Twitter) created an ‘XPayments’ account, hinting at the introduction of a payment feature in the near future. This development has sparked speculation within the crypto community about the potential implementation of cryptocurrencies.

There are expectations that the X app will offer in-app payment services by mid-2024. However, it remains uncertain whether the feature will support payments beyond traditional fiat currencies or if Musk will proceed with Dogecoin.

Musk has previously expressed his fondness for Dogecoin on multiple occasions, especially since 2021. As of now, Dogecoin is trading at $0.1863.