Elon Musk, the CEO of Tesla, announced the news on Twitter on 14th January, noting that the company’s merchandise can now be purchased with Dogecoin. Following his announcement, the price of Dogecoin (DOGE) increased to a monthly high above $0.2.
DOGE skyrocketed to 16 percent to an intraday high of $0.200369, before retracing to $0.192. However, the price is already back to where it was last year when Musk first hinted at the integration.
“Tesla will make some merch buyable with Doge & see how it goes,” Musk said at the time.
The meme coin has gained for the fifth day in a row and is now up 23.8 percent in the last week. DOGE has also surpassed Avalanche (AVAX) to become the market’s 11th-largest cryptocurrency by market capitalization as a result of recent price activity.
Only a few goods are now available for purchase with DOGE at the Tesla store, including the Giga Texas Belt Buckle for 835 DOGE, a Cyberwhistle for 300 DOGE, and a kids Cybersquad for 12,020 DOGE.
Tesla began taking Bitcoin as payment for its electric automobiles last year. However, the pilot was canceled due to concerns about the leading cryptocurrency’s harmful environmental impact.
Elon Musk’s influence
Dubbed “The Dogefather” at one point, Musk has a lengthy history with the meme cryptocurrency. The Tesla CEO has long been a proponent of Dogecoin, advocating for its use as a payment method. Simultaneously, his rocket business, SpaceX, announced a Moon mission for 2022, with the payload totally funded by meme coins.
Musk claimed last year that Dogecoin could “hands down” beat Bitcoin, adding that he collaborated with Dogecoin creators to make the cryptocurrency cheaper and more energy-efficient.
Musk’s involvement has also benefited Dogecoin, with the billionaire’s repeated tweets driving the coin higher on several occasions.
Last month, the Tesla CEO declared his support for Dogecoin once more, saying he was “pro Doge” amid a heated Twitter battle triggered by Jack Dorsey over Web3.