Altcoin

Tesla To Bring Back DOGE Payments

Published

2 months ago

August 31, 2024

Elon Musk Dogecoin Lawsuit: The US district court ruled in favor of Elon Musk and Tesla in the Dogecoin manipulation lawsuit, dismissing the case with the judge calling the tweets “aspirational and puffery”. Following the win, Elon Musk has confirmed that he wants to bring back DOGE payments for Tesla, starting with merchandise.

Elon Musk Confirms Plan To Reopen Dogecoin Payment For Tesla

Elon Musk confirmed on Saturday that he wants to bring back Dogecoin payments for Tesla merchandise. He reacted “Me” to a post by Sir Doge of the Coin on who wants the company to reinstate the Dogecoin payment option for merchandise.

While he plans to reopen Dogecoin payment option for merchandise only initially, the company may enable DOGE payments for its vehicles. Musk has voiced his support over this many times earlier, including at a recent event held at its Giga Berlin facility in Germany this year.

Moreover, DOGE adoption will gain with Musk supporting the meme coin for wider acceptance including payments after the recent win in the Dogecoin class action lawsuit.

US District Judge Alvin Hellerstein dismissed the Dogecoin manipulation case against Elon Musk and Tesla this week. He stated that DOGE tweets are “aspirational and puffery”, and “no reasonable investor” should rely on them for investment decisions.

For context, some Dogecoin investors in 2022 sued Elon Musk and his electric vehicles firm for running a pyramid scheme and manipulating DOGE price. The class action sought $258 billion in damages.

DOGE Price To Rally

Elon Musk is an avid supporter of the coin and hinted at plans to integrate DOGE for payments service on social media platform X.

As CoinGape earlier reported, the electric car company updated payment methods to include Dogecoin for its products. Tesla products can be purchased through a Dogecoin wallet only. DOGE price skyrocketed over 20% on the news.

DOGE price analysis shows the price can rally 50% after Elon Musk Dogecoin lawsuit. The development has also led some to speculate on a rally to $1.

DOGE price jumped 1% in the past 24 hours, with the price currently trading at $0.101. The 24-hour low and high are $0.097 and $0.102, respectively. Furthermore, the trading volume has increased by 21% in the last 24 hours, indicating a rise in interest among traders.