Breaking: Musk Tweet On Tesla Merch Results In Dogecoin Spike

Billionaire Elon Musk’s Doge token fascination appears to be back on Twitter. The Tesla chief executive officer has again mentioned Doge within 24 hours from mentioning the token.

Tesla merchandise With Doge

Musk Doge tweet on Friday said Tesla merchandise could now be bought with Dogecoin. He added that Dogecoin could be used to purchase SpaceX merchandise too soon.

“Tesla merch can be bought with Doge, soon SpaceX merch too”

However, not all Tesla products are eligible for purchase by Dogecoin. Customers need to look for the Dogecoin symbol next to the order button for Dogecoin-eligible products on Tesla website.

Dogecoin Wallet For Tesla Products

To purchase using Dogecoin, customers will need a Dogecoin wallet. When checking out with Dogecoin, the payment page will display the Tesla Dogecoin wallet address in both an alphanumeric code and a QR code form. It will then allow for connecting to the customer’s Dogecoin wallet to transfer the Dogecoin.

Tesla noted that it is the responsibility of the purchaser to ensure that Dogecoin is transferred to Tesla’s wallet accurately. It also said customers are responsible for the fees associated with the Dogecoin transactions.

Musk was in the news on Thursday after a lawsuit was filed by Twitter investors citing delayed disclosure of his stake in the company. The main contention was that Musk saved $156 million for himself by failing to disclose his total stake in the company as of March 14. They contend that he had purchased more than 5% of Twitter by the said date.

Doge, the world’s largest meme cryptocurrency, had on several instances saw a surge in its price every time Musk mentions it. Same is the case whenever the Tesla CEO makes any major announcement with regard to his companies.

Shortly after Musk Doge tweet on Friday, there was a sudden spike in Doge’s price. As against a 24 hour low of $0.07658, the meme token rose to as high as $0.08538 after Musk’s tweet. The token took a correction subsequently though. As of writing, Doge is trading at $0.08346, up by 4.30% in 24 hours, according to CoinMarketCap.

Anvesh is keen on writing about major announcements around crypto adoption by institutions and popular personalities. Having been associated with the cryptocurrency industry since 2016, his interest in this space helped pivot his journalism career to the blockchain ecosystem. Follow him on Twitter at @AnveshReddyEth and reach out to him at anvesh (at) coingape.com

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