Dogecoin’s Astronomical Flight To $1 Price Looks Nigh As Tesla Officially Adds DOGE Payment Option

Elon Musk’s favorite cryptocurrency, Dogecoin (DOGE), has formally been included on Tesla’s website as one of the EV maker’s official modes of payment.

The price of DOGE has soared double digits over the past day to cross $0.16 as the wider crypto market experiences a sharp recovery. The meme coin’s upswing today has led to enthusiasts questioning whether this marks the beginning of a full-fledged bull rally.

DOGE Appears Among Payment Methods On the Tesla Website

Tesla’s payments page has been updated to officially include the original meme coin, Dogecoin (DOGE).

Notably, Elon Musk’s electric vehicle manufacturer only accepts DOGE for certain merchandise in the online Tesla Store. The addition notes that “Dogecoin may also be accepted on select products.” To purchase an item, buyers simply need to send DOGE to Tesla’s Dogecoin wallet address and make the payment.

On the website, Tesla clarifies that it supports only Dogecoin payments, and any other “non-Dogecoin digital assets sent to Tesla will not be returned to the purchaser.”

Dogecoin, with a market value of $23 billion, was created in 2013 as a mere joke, but the doggy-themed meme token has a semi-serious place in Musk’s heart. Tesla started accepting DOGE payments for its company merchandise in early 2022. Later that year, Musk’s aerospace company SpaceX also began accepting DOGE for merch. In March this year, he hinted that Tesla cars could be purchased using DOGE “at some point” in the future.

Though the eccentric billionaire no longer posts about Dogecoin as much, his cheerleading on X (formerly known as Twitter) spurred Dogecoin’s meteoric climb in 2021. DOGE hit its current all-time high of $0.73 on May 8, 2021, ahead of Musk’s appearance on SNL.

$1 Dogecoin Price In View

DOGE price has climbed over 15.9% over the last 24 hours to trade for $0.1623 at publication time on the major Tesla news.

Meanwhile, Musk’s “everything app” X is anticipated to integrate cryptocurrencies like DOGE in its upcoming payment feature, given his apparent infatuation with the canine-themed crypto.

Looking ahead, Dogecoin supporters remain optimistic about the meme cryptocurrency’s future price prospects. If it continues its recovery momentum, there is hope that DOGE could soon break past the $0.20 psychological resistance, paving the way for a potential rally to the coveted $1 mark and higher.