Tesla is planning to demonstrate its support of dogecoin (DOGE) by allowing some merch to be bought with DOGE. Tesla CEO, Elon Musk, tweeted that the company wants to see see how the integration will work out. It remains unclear though when exactly Tesla plans to add support for the cryptocurrency.
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Tesla will make some merch buyable with Doge & see how it goes— Elon Musk (@elonmusk) December 14, 2021
Shortly after the news broke, price of DOGE jumped by almost 20% to $0.20. Tesla has been accepting bitcoin (EXANTE: Bitcoin) as a means of payment for goods on its website for a while earlier this year. The company later ditched this feature due to concerns related the environmental impact and cryptocurrency mining.
Earlier this week, Musk said in an interview with Time Magazine that "fundamentally, bitcoin is not a good substitute for transactional currency."
"Even though it was created as a silly joke, dogecoin is better suited for transactions," he added.
Previously, Indian cryptocurrency exchange Unocoin added support for "meme" cryptocurrencies like DOGE and shiba inu (SHIB). The platform's users can now exchange DOGE for the Indian rupee, while SHIB is traded in a pair with the USDT stablecoin, the price of which is pegged to the US dollar.
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