Tesla CEO Elon Musk has promised that the electric car company will accept Dogecoin, and the merch store has followed suit.
The store displays pricing information in DOGE
The move comes nearly a month after Tesla CEO Elon Musk announced in December 2021 that the electric car company would accept Dogecoin as payment for its merch store. The store displays pricing information in both U.S. dollars and Dogecoin. The Giga Texas Belt Buckle costs 835 DOGE (≈$155.5), the Cyberquad sells for 12,020 DOGE (≈$2,296), while a Cyberwhistle is available for 300 DOGE ($57).
Tesla merch buyable with Dogecoin
— Elon Musk (@elonmusk) January 14, 2022
Elon Musk has made no secret of his fondness for cryptocurrencies and DOGE he has invested in the meme coin and other cryptocurrencies such as Bitcoin and Ether. Tesla also began supporting bitcoin for car payments in March 2021 but stopped doing so in May, just a few months later. Still, the company currently holds 48,000 Bitcoin on its balance sheet, worth over $2 billion.
DOGE is currently up 15%
According to Coingecko, DOGE is currently up 15.29% and is currently the 11th largest cryptocurrency in the world, with a market cap of $25 billion. Dogecoin had skyrocketed nearly 12,000% from early 2021 through early May when it reached an all-time high of $0.74. Since the hype has cooled, it has fallen rapidly and sits at $0.19.
The DOGE payment option was added for testing a few days ago. A software engineer calling himself “Tree of Alpha” said that the source code showed that the company was “definitely” testing the option, which turned out to be true.