Dogecoin Surges 11% as Payments Go Live on Tesla Store

Users can purchase belt buckles, chargers, and other merchandise as of Friday.

Jan 14, 2022 at 5:46 a.m. UTC
Updated Jan 14, 2022 at 9:48 p.m. UTC

Dogecoin (DOGE) payments went live on the Tesla store in Asian hours on Friday, with prices seeing an 11% increase shortly afterward.

  • The store displays pricing information in both U.S. dollars and dogecoin. The Giga Texas Belt Buckle lists for 835 DOGE (≈$155.5); the Cyberquad sells for 12,020 DOGE (≈$2,296), while a Cyberwhistle goes for 300 DOGE (≈$57).
  • Dogecoin was trading at $0.19 at the time of writing and is the world’s 11th largest cryptocurrency with a market capitalization of $24 billion.
  • The move comes nearly a month after Tesla CEO Elon Musk said in December the electric-car maker would accept dogecoin as payment for its merchandise. “Tesla will make some merch buyable with Doge & see how it goes,” he said at the time.
  • Earlier this year, Tesla started accepting bitcoin as payment for its electric cars. The pilot proved short-lived amid rising concerns about Bitcoin’s energy usage and was soon dropped.

DISCLOSURE

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Shaurya is an analyst/editor for CoinDesk's markets team in Asia.