Tesla has integrated Dogecoin as a payment method, to allow customers to use this cryptocurrency for certain purchases on the Tesla website.
This integration of Dogecoin into Tesla has clearly sparked renewed interest and activity in the cryptocurrency market, influencing both its price and trading volume.
Recent Changes in DOGE Price
Dogecoin’s value saw an 11% spike following Elon Musk’s hint that Tesla may accept it as a payment method.
Tesla recently gave Dogecoin a thumbs-up for even more products, and the price of DOGE increased by over 10% and surged to new weekly highs of around $0.1603.
The volume of Dogecoin spot trading also saw a dramatic 60% increase, surpassing approximately $1.5 billion within 24 hours.
Despite the surge, Dogecoin faced resistance at the price range, indicating a potential market correction due to an overbought position in its Relative Strength Index (RSI).
How to Pay with Dogecoin
- You’ll need a Dogecoin wallet – an app, software, or platform that allows Dogecoin transfers.
- During checkout, Tesla will provide their Dogecoin wallet address in alphanumeric and QR code forms. It’s essential to send the exact Dogecoin amount specified for the product, including taxes.
- Use your Dogecoin wallet to connect and transfer the exact amount of Dogecoin displayed. Accuracy is crucial – any mistake could lead to order cancellation.
Eligible Products for Dogecoin Payment
Tesla has specified that products eligible for Dogecoin payment will display the Dogecoin symbol next to the order button and Tesla’s website mentions Dogecoin as a possible payment option for certain products.
Pricing, Fee and Taxes
The price of eligible Tesla products is clearly stated in Dogecoin, inclusive of applicable taxes.
The Dogecoin network charges transaction fees that are very low, often less than $0.015. Check with your wallet provider for additional fees.
What Expert Says
When experts say the market is “overbought,” they mean that a lot of people have purchased Dogecoin recently, which often drives the price up quickly. After such a rapid increase, it’s common for the price to stabilize or decrease slightly as fewer people are buying at the higher price.
This pause doesn’t mean Dogecoin won’t increase in value later on; it’s just likely to have a period of less activity as the market settles.
In Conclusion
The integration of Dogecoin into Tesla’s payment system marks a significant development for the meme coin. However, responsible investment strategies and a thorough understanding of the risks involved are essential before jumping on the bandwagon.
These fluctuations reflect the market’s reaction to Tesla’s integration of Dogecoin into its payment options, highlighting the impact of major corporations on cryptocurrency values.
Keep in mind that cryptocurrency markets are highly volatile and prices can change rapidly.
