Elon Musk Poised To Open Dogecoin (DOGE) Payments For Tesla Cars

14 Mar

Elon Musk To Introduce Dogecoin Payments For Tesla
Elon Musk recently visited the German Tesla factory near Berlin due to a suspected arson attack and mentioned Dogecoin (DOGE) during his speech on the stage. He underscored the significance of launching DOGE as a payment method for Tesla and noted that it will be possible at some point. Moreover, he expressed optimism on the meme coin’s future and ecstatically remarked, “Dogecoin to the moon.”

If the announcement becomes true, it would mark a massive milestone for the DOGE crypto, which is currently vulnerable due to its rival Shiba Inu (SHIB). Meanwhile, Musk concluded that DOGE can be used as a means of payment to acquire Tesla merchandise currently. Furthermore, Musk spotlighted his unwavering support for the doge-themed crypto and highlighted why he endorsed Dogecoin in the past.

Musk revealed that while working in the Tesla and Space X plants, so many people asked him to support Dogecoin. Eventually, Musk agreed that DOGE is the “people’s crypto” and decided to back the King of meme coins. Moreover, he also highlighted that loads of “rich people” were supporting Bitcoin (BTC) but he chose DOGE owing to the request made by the general people. In addition, Musk spread optimism declaring, “DOGE is for you.”

DOGE Competition Intensifies
Shiba Inu has seen a surge in demand, overtaking Dogecoin in terms of the weekly trade volume. Despite Dogecoin’s status as the market leader in the meme coin space, Shiba Inu outshined DOGE’s trading volume last week. SHIB recorded an impressive $31 billion in trading volume last week.

Technical Outlook
Dogecoin is trading above its 200-day Moving Average with a Relative Strength Index (RSI) of 70 indicating moderate growth from the memecoin. The asset could find new resistance at the $0.236 mark.