Electric vehicle maker Tesla has begun experimenting with dogecoin (DOGE) payments by opening up a range of its products to users of the meme-cryptocurrency. Elon Musk, CEO of the company, communicated the news on Twitter.
After the news was released, the market’s reaction was immediate: the price of DOGE shot up 15% during the day, and at the closing of this note it is trading at USD 0.192, becoming the second value best performing among the top 100 crypto assets by market capitalization.
Within the Tesla website it is stated that DOGE can be used to purchase products in their Store. In this way, it makes it the only cryptocurrency that Tesla customers are allowed to use to place an order with the vehicle manufacturer.
“Tesla only accepts Dogecoin. Tesla cannot receive or detect any other digital assets. Please make sure you are making your purchase with Dogecoin. Sending any other digital assets may result in the loss or destruction of the assets. Digital assets that are not Dogecoin and that are sent to Tesla will not be returned to the buyer”, is expressed from the company, in addition to clarifying that according to Tesla’s policy, all dogecoin purchases are final: “Items purchased with Dogecoin cannot be returned or exchanged for cash
Bitcoin (BTC) users will remember Tesla’s short-lived venture into accepting payments in the leading cryptocurrency. The initial move triggered a surge in the price of bit coin, however, when in May 2021 Tesla decided to suspend vehicle purchases using BTC and announced that it was looking into other crypto assets, the manufacturer moved the entire cryptocurrency market and caused a strong sell-off. And massive liquidations throughout the crypto ecosystem.