Dogecoin grows more than 12% after Tesla’s online store introduces it as a payment method

Published:

14 Jan 2022 15:24 GMT

Purchases are subject to additional conditions, such as the inability to reverse the transfer and a limited time to complete the transaction, due to fluctuations in the price of digital currency.

The price of dogecoin has skyrocketed this Friday after a tweet from Tesla founder Elon Musk, informing that the electronic car company will accept payment in cryptocurrency for some of its products.

According to data from the CoinMarketCap portal, at 23:00 on Thursday (UTC time) the ‘token’ was trading at $0.17. At 7 a.m. Friday, about an hour after Musk’s post, it hit a daily high of $0.20. However, it has since lost close to a penny and is now selling for $0.19. In the last 24 hours, the digital currency is up more than 12%.

Dogecoin network records $844 million transfer shortly before Musk announces Tesla will accept the meme coin

The future introduction of dogecoin payments in Tesla’s online store was announced by Musk in December. These types of purchases are subject to additional conditions, such as the impossibility of reversing the transfer and a limited time to complete the transaction, due to fluctuations in the price of the digital currency.

Previously, the businessman claimed that dogecoin is “more suitable for transactions” than bitcoin. According to him, “Bitcoin’s transaction volume is low and the cost per transaction is high”, so investors prefer to keep it as a store of value. Instead, the meme cryptocurrency “encourages people to spend, rather than hoard it,” he said.

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