As of this year, Tesla has begun accepting DOGE for merchandise purchases, and Musk hinted that the plan may be extended to SpaceX products as well: “Tesla merch can be bought with Doge, soon SpaceX merch too,” Musk tweeted.

Musk, the CEO of SpaceX and Tesla, has been advocating the DOGE ecosystem and publicly indicating that he is interested in accepting payment via memecoin across his multibillion-dollar companies.

Immediately after the Tech billionaire's tweet, the price of Dogecoin soared as much as 10 percent to over 9 cents before settling at 7.7 percent.

Whenever he tweets a pro-Dogecoin message, the cryptocurrency often surges slightly, and investors often look to take advantage of the hype around the coin.

As Musk announced in December 2021 that Tesla will accept the meme token as payment for its electric cars, DOGE's price spiked 25%. He stated that Dogecoin will be a superior option to Bitcoin or any other token as a means of payment.

The entrepreneur has recently issued a public warning about a scam in which attackers are impersonating him and promoting fake crypto-shilling videos using deep fake technology.

Musk did not say when the DOGE payment option would be available to the public. He also hinted that customers might be able to pay for his Starlinks internet subscriptions in the future.

The company's web store is still listing items in dollars for the time being. As a result, the site may be still working on incorporating the DOGE payment method.

What is Dogecoin?

Dogecoin (DOGE) is a popular cryptocurrency with a Shiba Inu as its symbol. It's inspired by the widely circulated internet meme "doge." In December 2013, Portland, Oregon's Billy Markus, and Sydney, Australia's Jackson Palmer split the open-source digital currency from Litecoin.

Pavan A

CBW - External Analyst

INDIA