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Tesla adds DOGE payment method, Dogecoin climbs 6%
Tesla offers DOGE token payments with a complete FAQ.
DOGE purchases on the Tesla Shop require a "Dogecoin wallet."
Dogecoin rose 6% after this announcement.
Tesla Inc., Elon Musk's Austin-based car and clean energy startup, is driving Dogecoin (DOGE) prices.
Also Read: Dogecoin price bottom: is DOGE ready to purchase amid meme coin optimism?
DOGE added to Tesla Shop payment options
Tesla “designs, manufactures and sells battery electric vehicles, stationary battery energy storage devices from home to grid-scale, solar panels and solar shingles, and related products and services,” now accepts DOGE.
The first FAQ answer on the website is, “Look for the Dogecoin symbol next to the “order” button for Dogecoin-eligible products.”
According to the support page, anyone buying a Tesla shop product (if the payment option is supported) must first have a “Dogecoin wallet.”
A strong disclaimer states, “It is the responsibility of the purchaser to ensure that Dogecoin is transferred to Tesla’s Dogecoin wallet accurately.”
Another significant rule is that Dogecoin will charge network fees for DOGE token payments. Transferring the wrong DOGE amount will cancel the order. Note that “If an order is overpaid in Dogecoin, the overpayment amount will not be refunded to the original form of payment.”
This integration's impact on DOGE and crypto
Tesla accepting Dogecoin could affect DOGE and the cryptocurrency community:
Tesla's embrace of Dogecoin could improve its appeal, validity, value, and trading volume.
Tesla embracing Dogecoin may enhance crypto market speculation and volatility. Based on its future potential, traders and investors may buy or sell Dogecoin.
Impact on other cryptocurrencies/growing popular adoption
Tesla's acceptance of Dogecoin may pave the way for other cryptocurrencies to be accepted by businesses. This may enhance cryptocurrency competitiveness for real-world transactions.
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