Elon Musk, the tech titan behind Tesla, once again stirred the cryptocurrency waters by hinting at a future where Dogecoin, the internet’s favorite meme coin, could be used to purchase Tesla vehicles. This suggestion sent Dogecoin’s value on a thrilling ride, peaking at a 9% increase before stabilizing later in the day.
During an appearance at Tesla’s gigafactory in Berlin, Musk entertained the idea of Dogecoin evolving from a digital curiosity to a legitimate form of payment for Tesla’s sought-after electric cars. “At some point, I think we should enable that,” he stated, triggering an 11% spike in Dogecoin’s value in the early hours of trading, as enthusiastic Dogecoin supporters shared his comments on social media.
Tesla’s flirtation with Dogecoin isn’t entirely new. The electric car giant has been accepting the cryptocurrency for merchandise purchases since May 2022, reflecting Musk’s longstanding fascination with the Shiba Inu-emblazoned token. Musk’s advocacy for Dogecoin has been a rollercoaster of influence, with his endorsements often catalyzing fluctuations in the token’s market value.
However, Musk’s vocal support for Dogecoin has not been without controversy. In 2022, he found himself at the center of a lawsuit accusing him of leading a Dogecoin “pyramid scheme,” propelled by his impactful tweets on the cryptocurrency. Musk’s defense team has consistently downplayed the significance of his tweets, describing them as “innocuous and often silly.”
Despite its recent surge alongside Bitcoin’s impressive rally, Dogecoin remains significantly below its peak price of $0.73 in May 2021, trading at around $0.18 as of Thursday. Tesla has yet to officially comment on Musk’s latest nod to Dogecoin as a future payment method for its vehicles.
This tease by Musk adds another layer to the dynamic and often unpredictable relationship between cryptocurrency and commerce, highlighting the growing conversation around digital currencies’ viability as a mainstream method of transaction. As Musk playfully speculates on Dogecoin’s potential in Tesla’s ecosystem, the world watches and waits to see if this meme coin can indeed secure a more substantial role in the future of financial exchanges.