Elon Musk says Tesla will start accepting DOGE for select merchandise

Elon Musk, the CEO of electric vehicle manufacturer Tesla, has said the company intends to accept Dogecoin (DOGE/USD) as payment for some merchandise. The DOGE proponent shared this exciting news for the token HODLers earlier today through a tweet. However, he hinted at the project being a trial, saying Tesla seeks to see how accepting DOGE for payments will go.

This news comes after Time Magazine named Musk the person of the year. In an interview with Time’s Jeffrey Kluger, Musk touted DOGE, saying it is a better transactional instrument than Bitcoin (BTC/USD). According to him, DOGE is well suited for payments because it can handle a large volume of transactions per day.

He further noted that DOGE is a slightly inflationary asset. However, he believes only its inflationary number is fixed, not its percentage. To this end, he claims the percentage inflation will decrease over time, pushing more people to spend the meme coin rather than HODL it as a store of value.

Following his tweet, DOGE reversed its bearish trend to become the only green coin in the top-20 list of leading cryptos after gaining 17.73% in less than two hours. These gains have pushed DOGE from around $0.1595 (?0.12) to $0.1976 (?0.15), at the time of writing.

The Dogefather

Musk has emerged as one of the most ardent DOGE supporters this year. As a result of pumping DOGE, the Tesla CEO helped push the canine-themed coin to an all-time high (ATH) of $0.7376 (?0.56). While the token slumping to its current levels could have discouraged him from supporting it further, Musk stood firm by his decision to help better DOGE.

In April this year, he declared himself the Dogefather before suggesting improvements for the coin in the next month. According to him, if DOGE speeds up block times tenfold and increases the block size 10X, and drops the fee 100X, it will win the race hands down.

Even after Shiba Inu (SHIB/USD) soared to enter the top-10 list of leading cryptos, momentarily toppling DOGE, Musk stood by the DOGE family, proving that he is indeed the Dogefather. He also promised to work with DOGE developers to help improve the cryptocurrency.

He also spoke to Changpeng Zhao (CZ), Binance’s CEO, on behalf of DOGE adopters after the exchange suspended withdrawals for over 17 days due to an issue with its latest wallet update. The exchange resolved this issue soon afterwards.

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