Elon Musk has made an exciting update for Tesla shoppers by adding Dogecoin as a payment option for certain products. This move comes after Musk, a known Dogecoin enthusiast and CEO of Tesla, hinted about considering Dogecoin as an official payment method for Tesla cars.

Following this news, the price of Dogecoin surged over 20% in just 24 hours, reaching $0.16. However, it’s important to note that Tesla has yet to confirm if Dogecoin can be used to purchase their cars despite the excitement in the crypto community.

Tesla Starts Accepting Dogecoin as Payment Method at Tesla Shops

Elon Musk’s electric car company, Tesla, has recently announced that it will now be accepting Dogecoin as a payment method at Tesla Shops. According to information found on a Dogecoin support page on the Tesla website, customers can now use Dogecoin to purchase eligible Tesla products by looking for the Dogecoin symbol next to the “order” page of Dogecoin-eligible items. This update was made as recently as May 4, according to the Wayback Machine.

Customers wishing to make purchases using Dogecoin must do so through a Dogecoin wallet. All eligible Tesla products will have prices clearly listed in Dogecoin, including any applicable taxes, as stated in a frequently asked questions (FAQ) section.

However, there are certain terms to be aware of when making payments with Dogecoin. These terms include restrictions on using payments from multiple wallets for a single order, no cancellations once an order is placed, and no returns for items purchased with Dogecoin.

Additionally, it’s important to note that Tesla exclusively accepts Dogecoin as a form of payment and cannot process any other digital assets. This decision follows Musk’s previous remarks about Dogecoin during an event at the Tesla Gigafactory in Germany back in March. When questioned about the possibility of Tesla accepting Dogecoin for car purchases, Musk expressed his support, suggesting that it could happen “at some point.”

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DOGE Price Surges 20% in 24 Hours Amid Increased Trading Activity

The price of Dogecoin (DOGE) has experienced a significant surge of over 20% in the past 24 hours, with the current price reaching $0.16. Notably, the cryptocurrency’s price fluctuated between $0.137 and $0.161 within the same timeframe. The surge in trading volume, which has increased by over 90% in the last 24 hours, suggests a substantial interest among traders in DOGE.

CoinGlass data indicates a remarkable increase in total Dogecoin futures open interest, rising by 26% over the past 24 hours. Additionally, there has been a notable uptick of more than 9% in open interestwithin the last 4 hours alone. These statistics suggest a significant influx of buying activity from futures traders, further contributing to the bullish sentiment surrounding DOGE.