You can now buy belt buckles, chargers, and other merchandise starting from today, using dogecoin as a payment option at Tesla online stores.
This caused a 20% spike in the price of Dogecoin following the news as it traded an intra-day high of over 20 cents as of the time of this writing. However, this spike is not being experienced on the price of Tesla shares itself as it is currently down 0.55% in pre-market skirmish.
The store displays pricing information in both U.S. dollars and dogecoin. For example, the Giga Texas Belt Buckle lists for 835 DOGE (≈$155.5); the Cyberquad sells for 12,020 DOGE (≈$2,296), while a Cyberwhistle goes for 300 DOGE (≈$57).
What you should know
The move comes nearly a month after Tesla CEO and world’s richest man Elon Musk said in December 2021 that the electric-car maker would accept dogecoin as payment for its merchandise. He stated, “Tesla will make some merch buyable with Doge & see how it goes.”
Dogecoin was the meme coin sensation of 2021 as it drew the interest of the world’s richest man, Elon Musk. Elon has been a strong supporter of the token as he has consistently tweeted that the token would trade as high as $1 in the future. He brought interest to the token and that caused the token price to peaked at nearly 70 cents in May 2021 just before the market crash that saw it lose over 50% of its value.
Dogecoin’s market capitalization grew to a peak of approximately $90 billion, making it more valuable that the likes of Moderna, Snowflake, Uber, FedEx and BMW. Dogecoin ranked as high as 5th based on total market capitalization in the cryptocurrency space.
Earlier this year, Tesla started accepting bitcoin as payment for its electric cars. The pilot proved short-lived amid rising concerns about Bitcoin’s energy usage and was soon dropped.
DOGE now trades $0.1944 as of the time of this writing with a market capitalization of $25.6 billion.