From our many past experiences, we all have seen the influence of Tweets made by the Tesla and SpaceX owner Elon Musk. Recently another tweet is posted by Elon in which he mentioned that the people will be able to buy Tesla Merchandise with Doge and soon SpaceX merchandise too. The merchandise like inbuilt sensors or seat covers or any other will be easily available in any car showroom and people will be able to pay for that with Dogecoin easily.
After the tweet, there's a good spike seen in the prices of Dogecoin as before the tweet the price of Dogecoin was $0.078399 per coin. But after the tweet around 8% of the spike was seen taking it to $0.084927. But then no further spike was seen after that and it stopped at $0.081469. The prices of Dogecoin are getting closer to cycle lows and were at a slow level for a long time
. There's like a 50% decrement in the prices from the price of the last year-end.
History Of Elon Musk and Dogecoin
Musk was always seen as a supporter of the meme currency Dogecoin. In the crypto community, he goes by the name of Dogefather and he personally owns a majority of three cryptocurrencies Bitcoin, Ether, and Dogecoin. SpaceX also owns some Bitcoin and $1.26 billion of the digital assets were shown by Tesla.
In June 2021, TIME Magazine named Elon Musk as "Person of the year 2021" where Elon Musk talked about the benefits of Dogecoin that can be seen for making transactions.
At the starting of May, the SpaceX chief mentioned that Dogecoin has better potential as a currency whereas bitcoin has a better store of value. For this Musk said
Despite the fact that it was designed as a joke, Dogecoin is more suitable for transactions. Dogecoin's overall transaction flow, measured in transactions per day, is substantially higher than Bitcoin's. Tesla will create some stuff that can be purchased with Doge and see how things go.
Tesla already started accepting the Dogecoin in the month of January but that was limited to a few merchandise only. Not to mention Bitcoin was also supported by the company but that had to stop because of the environmental concerns. In June 2021 Elon Musk cleared that Tesla will only resume accepting the Bitcoin-only if the miners can assure him of using 50% clean energy.
Dogecoin wallet for tesla products
To make purchases with Dogecoin the user will require the Dogecoin wallet and at the time of payment, the page will show your address for the Tesla Dogecoin. The shown address will be in the form of alphanumeric codes or QR codes. This way it will be able to transfer the Dogecoin by connecting with customers' Dogecoin wallets.
The company already informed people that it will the user's responsibility to confirm the Dogecoin that is sent to the Tesla wallet is of the right quantity. There will be some transaction expenses while making the payment and for that only the customer is responsible.
Also Read: - Twitter Investors Sued Elon Musk Over $6.25 Billion Equity