This will be big for Dogecoin if true.
Elon Musk is known for tweeting and following through with his promises. If his latest tweets are to be believed, then Dogecoin might be accepted by the electric car manufacturer as real currency.
Dogecoin, a cryptocurrency based on a 2012 meme and started as a joke, has increased by 4,000% in the last year alone. Yes, four thousand, that’s not a typo.
Although it has increased in popularity, the coin doesn’t have much utility. Unlike Bitcoin, which has made headway into some mainstream retail transactions –– think Wholefoods, Newegg, and Starbucks –– Dogecoin has remained strictly relevant for crypto transactions.
Musk might change that. The billionaire-CEO has previously tweeted his support of the coin, saying Doge is the people’s crypto. And now, it seems he is testing its utility, saying Tesla merchandise may be purchased with Dogecoin, to “see how it goes.”
Since this announcement, Dogecoin has soared another 127%, with more whale activity.
And if Tesla has success with merchandise sales, they may implement it to big-ticket items like their flagship electric vehicles.
However, stakeholders and senior executives are most likely hesitant about making these moves since the coin is still very volatile and doesn’t have the history of Ethereum and Bitcoin. Musk may not be put off by that, as he’s said in a tweet before, “No highs, now lows, only Doge.”
