Tesla will soon accept cryptocurrency Dogecoin as a mode of payment at its supercharging stations located in Santa Monica, tweeted by Elon Musk, chief executive officer (CEO) of Tesla, on Saturday morning, February 19, 2022. After this announcement, prices of Dogecoin started rising upward.
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Rayan Zohoury, the founder of Tesla Console, confirmed in the tweet that soon after ten minutes the offer to accept Dogecoin, the supercharging stations located in Santa Monica got fully occupied by customers. Musk replied to this offer and provided details about the plans to open dinner or drive-in the theater at the supercharging stations. Customers can surely make payments in the shape of Dogecoins against both preplanned facilities.
When it comes to cryptocurrency, there are many different types of coins and tokens. One example is Dogecoin which was created in 2013 by software engineers Billy Markus and Jackson Palmer as a faster but “fun” alternative to Bitcoin with features such as accessible mining code (for those newbies). This crypto took off soon after its launch; people loved that they could get involved without having too much knowledge about technology! The logo also refers back to something popular online called the “Shiba Inu meme.”
Elon Musk Fulfilled His Words
The recent progress is the ongoing part of Musk’s December announcement that major electric cars manufacturer Tesla will test Dogecoin as a mode of payment in the company’s merchandise. “Tesla will make some merch buyable with Doge and see how it goes, “Musk said in a tweet – a decision which has since gone well.
The company sells apparel including t-shirts or hats as well belt buckles; mini models of their vehicles (including an awesome “Cyber Quad” bike); quads called CyberQuad appropriate only if you’re too young to remember what real bikes were like before electric power made them obsolete–and finally sudu Startups.
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Tesla and SpaceX chief executive, during the recent interrogations of with an imminent Time Magazine, preferred Dogecoin over the other cryptocurrencies, including Bitcoin.
The transaction value of Bitcoin is low, and the cost per transaction is high. Therefore, at least at a space level, it is suitable as a store of value. But fundamentally, Bitcoin is not a good substitute for transactional currency.
It is pertinent to point out that Dogecoin development was a silly joke event although performing much better transactions as compared to other cryptos.
All the above news depicts that Elon Musk, CEO of Tesla, is a dedicated lover of Dogecoin. A tweet chat between Musk and Binance CEO Changpeng Zhao (CZ) is strong evidence of their engagement with crypto. However, recently some transactions problems occurred between Dogecoin and Binance Crypto exchange. So, the founder of SpaceX and a billionaire investor raised concerns over the Dogecoin investments.
Featured image from Pixabay and chart from Tradingview.com