Musk breaks the news: Tesla will accept Dogecoin payments

Tesla to accept DOGE payments

According to a video of the event shared by Mario Nawfal, founder and CEO of IBC Group, Musk said at an offline event that Tesla will support DOGE payments "sometime" in the future, allowing DOGE to "go to the moon."

The market shows that the DOGE price briefly rose to $0.19289 and then fell back.

Musk loves Dogecoin

2013-2019: The birth and early development of Dogecoin

Dogecoin was created by Billy Markus and Jackson Palmer and originally started out as a memetic cryptocurrency joke.

Initially, they hoped to achieve a cryptocurrency that is more accessible, more practical, and more fun than Bitcoin. The total supply of Dogecoin is set at 100 billion to ensure that the price of each Dogecoin and transaction fees remain low.

Its logo is a Japanese Shiba Inu named Kabosu, who is very famous on the Internet.

Designed to make cryptocurrency more accessible and fun, Dogecoin quickly attracted a loyal fan base. During this time, the Dogecoin community has demonstrated its unique culture and values ​​through charitable activities and sponsorship of sporting events.

On April 2, 2019, Musk, founder of electric car brand Tesla, aerospace technology startup SpaceX and tunnel transportation technology company The Boring Company, was elected as "CEO" in a Dogecoin vote held on Twitter.

Musk also posted the first tweet in support of Dogecoin: "Dogecoin may be my favorite cryptocurrency, it's so cool." Later, Musk wrote "CEO of Dogecoin" in the profile of his personal Twitter account.

2020: Musk's first tweet

On March 3, 2020, Musk posted on Twitter that Dogecoin was his "favorite cryptocurrency."

He then posted a series of tweets, including a meme of Dogecoin flying to the moon. These tweets sparked interest in Dogecoin and led to a short-term rise in the price of Dogecoin.

2021: Musk’s active participation

Musk's tweets about Dogecoin have become more frequent and specific in 2021. He has called Dogecoin "the people's cryptocurrency" on Twitter and has mentioned Dogecoin in multiple interviews.

His tweets and comments have triggered multiple price spikes for Dogecoin, and he even mentioned Dogecoin during a "Saturday Night Live" segment. Musk's support has made Dogecoin a hot topic in the cryptocurrency market.

In addition, on August 14, 2021, the Dogecoin Foundation announced the " re-establishment of the Dogecoin Foundation to refocus on supporting the Dogecoin ecosystem, community, and promoting the future of the Dogecoin blockchain. "

The foundation has been revitalized by the addition of notable advisors such as Vitalik Buterin (Ethereum co-founder and inventor) and Jared Birchall (representing Elon Musk).

2022: Litigation and market reaction

In 2022, Musk and other celebrities faced a class-action lawsuit for allegedly manipulating the price of Dogecoin.

On June 16 of that year, Elon Musk was sued for $258 billion. The plaintiff, Keith Johnson, filed the lawsuit in Manhattan federal court. Johnson cited Musk’s repeated use of his enormous social influence to promote altcoins, which he claimed artificially inflated prices.

Despite the legal challenges, Musk has continued to publicly support Dogecoin and has mentioned it in some of his business plans. For example, he has raised the possibility of using Dogecoin as payment for certain SpaceX services. These actions continue to affect the market performance of Dogecoin.

2023: Dogs on Twitter

In 2023, after Elon Musk acquired Twitter, he changed Twitter's logo from a blue bird to the Shiba Inu avatar of Dogecoin on April 4.

This action triggered a heated response from the market, with the price of Dogecoin rising by more than 30% at one point. The change in the logo was considered to be Musk’s dissatisfaction with the Dogecoin lawsuit, and also reflected his support for Dogecoin.

2024: Tesla support

Earlier this year, Elon Musk recently revealed in a Twitter Space hosted by Ark Invest CEO Cathie Wood that he still holds Dogecoin (DOGE), and SpaceX also holds BTC.

Recently, according to a live video of the event shared by DogeDesigner, Musk said at an offline event that Tesla will support DOGE payments "sometime" in the future, allowing DOGE to "go to the moon."

In addition, Tesla's super charging station in Hollywood is nearly completed and will be put into use soon. In the future, the project will accept Dogecoin payments. The charging station is expected to be launched within this year. Prior to this, as early as 2022, Musk himself publicly disclosed that when the super charging station is officially opened, customers will be able to pay with Dogecoin.

future

But as time went on, Dogecoin's technological development began to attract more attention.

Dogecoin's development team is committed to improving its transaction efficiency and scalability to better serve its growing user base.

At the same time, Musk’s tweets on Dogecoin no longer seem to have as direct an impact on the market as before, which may indicate that Dogecoin is gradually establishing its own market position and is no longer entirely dependent on Musk’s personal influence.

Final Thoughts

The relationship between Dogecoin and Elon Musk is a topic full of stories and controversy.

From a cryptocurrency that was seen as a joke to one backed by one of the world’s richest men, Dogecoin’s story reflects the volatility and unpredictability of the cryptocurrency space.

In the future, whether Dogecoin can continue to maintain its unique status may depend on whether it can transcend the label of meme coin and develop more practical applications and technological innovations.