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Tesla Starts Accepting Once-Joke Currency Dogecoin

by Robert Calvin 4 months ago in blockchain
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Tesla Starts Accepting Once-Joke Currency Dogecoin

Tesla Starts Accepting Once-Joke Currency Dogecoin
Photo by Austin Ramsey on Unsplash

Reddit threads announce Dogecoin value as a new global currency, with Tesla CEO Elon Musk noting that Dogecoin was created as a joke with cryptocurrencies, but the conclusion is confusing. Dogecoin is a cryptocurrency born as a joke that got its name and logo on the Shiba Inu dog meme that spread online in 2013. Shiba Inu dog mouth from the meme “Doge” is shown as a token with the Cost of Dogecoin shares. Dogecoin was created as the first joke by two software engineers who mocked wild cryptocurrency speculations.

Mr. Musk is probably the most popular proponent of dogecoin, which started as a joke with a large number of different cryptocurrencies and has since become one of the most popular currencies on the market. He described it as "human cryptography" and promised to work with SpaceX "to place a real Dogecoin coin in the real moon." But he remains very confident about Dogecoin, with a tweet saying he is working with his developers to develop a network that makes prices go up, and asking fans in a tweet if they want Tesla to accept Dogecoin. Support for Dogecoin purchases came just months after Tesla began accepting bitcoin to buy cars, but ended the practice 49 days later, expressing concern about the use of bitcoins oil residues.

On the other hand, Dogecoin is known for consuming less power than Bitcoin. Musk, who also sees Bitcoin as one of his cryptocurrency currencies, has expressed concern about how much power is needed to produce this currency. Dogecoin is the only digital currency currently approved by Tesla. Items to purchase include seat belts with the Tesla logo (Doge 835 or approximately $ 162; PS118) and children's ATVs (Doge 12020 or approximately $ 2280; PS 1670), which are no longer in stock. That hasn't happened yet, but for now, the CEO said last month Tesla would start accepting Dogecoin's "purchase" through the Tesla Store website. In December, Musk wrote on Twitter that Dogecoin would be able to find its product by testing.

Business Insider noted that the price of Dogecoin exceeded 16 percent to $ 0.20 according to the news. The move increased the price of Dogecoin by 14%, a month after Musk said Tesla would test digital currency as a payment method. Musk, a strong supporter of cryptocurrencies that strongly influenced the price of Dogecoin and Bitcoin, said that at some point the company would use Bitcoin for cars before canceling plans. In a January 14 tweet, Musk announced that Tesla had accepted Dogecoin - a "popular cryptocurrency" - as payment for certain products on its website.

The CEO of Tesla has announced on his favorite social media platform, Twitter, that the company will accept Dogecoin as a payment method for Tesla products. Dogecoin rose on Friday after Tesla CEO Elon Musk wrote on Twitter that the automaker would now accept cryptocurrency as payment for goods. Doge prices rose more than 19% on Friday before declining after Tesla began accepting cryptocurrency, which was created as a joke, as payment for certain branded goods. The price of the Dogecoin memorized cryptocurrency rose Friday morning after Elon Musk said Tesla would accept the popular token as payment for some of its products, suggesting that electric vehicles temporarily accept bitcoin. year.

January 14 (Reuters) - Tesla Inc (TSLA.O) will accept meme-based dogecoin cryptocurrency as payment for its products such as the "Giga Texas" belt and small car models, CEO Elon Musk announced on Twitter on Friday. Dogecoin, Shiba Inu's cryptocurrency dog, rose 15% on Friday after billionaire Elon Musk said it could be used to buy Tesla assets. Shiba Inu's cryptocurrency meme dog initially started as a joke, but according to Coinbase, various tweets from Musk helped Dogecoin increase by 5.859% over the past 12 months.

The tweet increased Dogecoin's share by almost 20% and put it on the top Twitter headlines. Musk's five-word post - "Tesla's Things Can Be Purchased With Dogecoin" - garnered over 270,000 likes on the platform and sparked a lively and lively meme conversation in the comment section. Tesla's integration of the DOGE payment option into its online shopping site comes about a month after Musk shared his willingness to accept crypto as a test payment.

At the heart of Musk's love for DOGE is "its better features than bitcoin", primarily as a means of payment due to its low power consumption. Surprisingly, most of Musk's 77% of supporters supported Musk's proposal to "adopt Doge", although it dropped to about $ 0.49 per coin at the time of publication, far below its length. SNL look. At the time of writing, Dogecoin costs PS0.12 compared to PS0.10 on Jan. 10, but it reached the top of the PS0.16 after Musx tweeted about Tesla accepting it on other products.

However, it trades about 35% below its all-time high. Following the Musk attack, Dogecoin briefly introduced 10 digital tokens at market value. His fine movement was part of a larger daily rally revealed before Musk's Dogecoin tweet became viral. On the second day, $ 36,000 for Dogecoin was issued and the Dogecoin / Bitcoin exchange rate increased by 50%.

Shortly afterward, another Musk company, SpaceX, began accepting payments from Dogecoin. Elon Musk's other initiative, SpaceX, began accepting payments on Dogecoin in May and plans to launch a satellite called DOGE-1 next month.

Tesla revealed last year that it had bought $ 1.5 billion worth of bitcoin, and Musk also claimed ownership of both bitcoin and Dogecoin. Last summer, Musk said he thought Tesla would resume accepting bitcoin payments as he saw an improvement in the balance of power in bitcoin mining.

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Robert Calvin

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