Categories: CryptocurrencyNews

Elon Musk Confirms Tesla Will Accept Dogecoin. Do XRP and SHIB Stand a Chance?

Elon Musk, the CEO of Tesla and SpaceX, has reignited speculation about the potential of Dogecoin (DOGE) as a payment method for Tesla vehicles. This comes after a recent public appearance at Tesla’s Berlin Gigafactory.

A clip shared by Sir Doge of the Coin (@dogeofficialceo) shows Musk responding positively to a question regarding Dogecoin integration for car purchases.

Musk’s Relationship With Dogecoin (DOGE)

Musk’s influence on Dogecoin is undeniable. He has consistently expressed his belief in the meme coin, affectionately referring to it as the “people’s crypto” in response to requests for its official adoption.

This advocacy extends to concrete actions, as in January 2022 when Tesla began accepting Dogecoin for merchandise purchases, marking a significant step toward mainstream adoption of the cryptocurrency.

The recent hint about Tesla car purchases further strengthens this connection. While no official announcement has been made, Musk’s openness to the idea has caused a stir within the Dogecoin community. This is fueled by past instances of Musk’s comments demonstrably impacting Dogecoin’s price.

His remarks at the Gigafactory resulted in a 10% price increase within a mere 15 minutes. However, the meme coin has shed these gains, losing 13.29% in the past 24 hours. DOGE is currently trading at $0.1614, with the market potentially waiting for an official announcement.

Increased Interest in Dogecoin (DOGE)

This renewed interest coincides with a crucial period for Dogecoin. In early March 2024, Dogecoin witnessed a significant rally, testing the resistance level at $0.1832, before falling to its current price. However, analysts still anticipate a breakout from this consolidation phase, which could signal the start of a new uptrend.

Adding to the intrigue is the speculation surrounding the “XPayments” account created by X. The potential launch of an in-app payment service has sparked rumors about DOGE’s inclusion as a payment option. Considering Musk’s past ventures into cryptocurrency integration, this possibility holds significant weight for the Dogecoin community.

Any Chance For XRP and Shiba Inu (SHIB)?

The excitement from XPayments has also spread to other cryptocurrencies as notable features in the XRP community are asking for XRP integration. However, crypto integration has not been confirmed for X, and Musk has yet to speak publicly about accepting XRP or SHIB as payment options for his companies.

If Tesla does decide to accept Dogecoin for car purchases, it would represent a major validation for the cryptocurrency. Such a move by a prominent company like Tesla could significantly boost the meme coin’s legitimacy and potentially trigger broader adoption within the automotive industry.

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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.