Tesla to Accept Dogecoin? Elon Musk Asks the Community

Elon Musk continues with his support for the most popular meme coin – Dogecoin. Tesla’s CEO asked if his electric vehicle giant should start accepting DOGE as a payment instrument for its products. Somewhat expectedly, the price of the token spiked immediately.

• The billionaire took it to Twitter and asked his nearly 55 million followers whether Tesla should implement DOGE as a payment instrument.
• As of writing these lines, just a little under one million people have answered, with the majority saying “yes.”

• As it typically happens when Musk suddenly posts about Dogecoin, the asset price spiked rather sharply. The Shiba Inu-inspired token struggled at $0.46, but the instantaneous push drove it up by 20% to an intraday high of $0.55.
• Musk’s Twitter poll came in a rather compelling moment for the token. Just a few days ago, the billionaire hosted Saturday Night Live and was expected to talk about Dogecoin.
• Although he indeed breached the meme coin, there was a “sell the news” moment, and its price plummeted from $0.75 to below $0.42 in days.
• Nevertheless, DOGE has been among the best performers since the start of the year with a massive ROI, which came after numerous engagements from celebrities. Aside from Musk, others that followed suit were Snoop Dogg, Mark Cuban, and more.
• Additionally, multiple notable companies enabled Dogecoin payments for their services. However, if Tesla indeed proceeds with adding DOGE, it would be the largest firm by far to do so.
• Earlier this year, the electric vehicle giant enabled bitcoin payments and even said it will keep all funds in BTC instead of converting them into cash. It came after the company bought $1.5 billion worth of the primary cryptocurrency in January 2021.