Musk "Tesla to Accept Dogecoin for Some Products"... Dogecoin Surges
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[Asia Economy Reporter Hyunwoo Lee] Elon Musk, CEO of the American electric vehicle manufacturer Tesla, announced that some Tesla products will be purchasable using Dogecoin. Following this news, the price of Dogecoin surged by more than 20%.
On the 14th (local time), according to major foreign media including CNBC, Musk tweeted, "Tesla will allow some products to be bought with Dogecoin, and we will see what happens next." The products eligible for Dogecoin payment are estimated to include items other than electric vehicles that Tesla produces. Besides electric vehicles, Tesla also sells children's electric bikes called 'Cyberquad,' as well as clothing, accessories, and decorations.
Immediately after Musk's tweet was released, the price of Dogecoin rapidly rose by over 20%. According to the coin-specialized media CoinDesk, Dogecoin's price increased by 22.12% compared to the previous session. Right after Musk's tweet, it even surged by more than 25%.
Some speculate that Musk may be manipulating the coin market again. Earlier, in February, Musk announced that Tesla would invest $1.5 billion (approximately 1.774 trillion KRW) in Bitcoin and allowed Bitcoin payments for electric vehicle purchases. He also promoted Dogecoin by referring to himself as the "Dogefather" on Twitter.
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However, less than two months after Tesla allowed Bitcoin payments, Musk halted Bitcoin payments citing environmental concerns over Bitcoin mining, which drew global criticism. Additionally, in May, Musk appeared on NBC's flagship comedy show "Saturday Night Live" (SNL) and jokingly called Dogecoin a "hustle" when asked if it was a scam, which caused a price crash and controversy.
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