Dogecoin’s value surged by 11% after Tesla CEO Elon Musk hinted that the memecoin could be accepted as a payment method for Tesla vehicles in the future. During an interaction at the Berlin Gigafactory, Musk responded affirmatively to an inquiry about purchasing Tesla cars with Dogecoin and stated that “at some point, I think we should enable that.” Following Musk’s remarks, Dogecoin’s price jumped from $0.1712 to $0.191 within 30 minutes, reflecting investors’ enthusiasm as the video circulated on social media. As of the latest updates, Dogecoin’s trading price stands at $0.188, marking a 9% rise in the last 24 hours. Musk’s advocacy for Dogecoin began after receiving suggestions from Tesla Gigafactory employees and SpaceX visitors to adopt it as an official payment mode. Tesla officially started accepting Dogecoin for its merchandise on Jan. 14, 2022, emphasizing that only Dogecoin payments would be processed, with no returns for transactions made in other digital assets. Musk has previously described Dogecoin as “the people’s crypto,” indicating his intention to support a cryptocurrency favored by the general populace over those backed by wealthier individuals. Meanwhile, speculation surrounds the X app and its potential integration of cryptocurrencies following the establishment of an ‘XPayments’ account for an upcoming payment feature. Expected by mid-2024, the specifics of whether this feature will include cryptocurrency payments remain unconfirmed. Despite Musk’s recent support for Dogecoin, he has expressed a diminished interest in cryptocurrencies more broadly, along with clarifying last year that X would not launch its own crypto token. For more news on cryptocurrencies and finance, visit Global Crypto News.

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