The recent surge in the cryptocurrency market continued into Friday morning, with Dogecoin initially rising more than 15% after Tesla announced that it would accept meme coins for some merchandise, CNBC reports.
Earlier this morning, Tesla CEO Elon Musk tweeted That the company’s goods can be purchased using Dogecoin. The cryptocurrency, which began as a joke of Shiba Inu coin, is only acceptable to some Tesla products, including a Cybertruck-shaped whistle that costs 300 Doge (about $59) and a commemorative belt buckle in honor of Tesla’s Texas Gigafactory for 835 Doge (about $164).
Musk has been an outspoken supporter of Dogecoin, frequently tweeting that move its price, and Tesla’s new acceptance of the payment was no surprise. in December, Musk wrote on Twitter That “Tesla will make some items purchasable with the Doge to see how it goes.”
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But buying Tesla items with Dogecoin comes with some limitations. In particular, orders paid with Dogecoin cannot be canceled or refunded, while items purchased using traditional payment methods can be returned within 30 days of receipt. The Dogecoin network can also take up to six hours to confirm a payment, and users who have mistakenly overpaid have no luck, as “the overpayment amount will not be refunded to the original payment method,” Tesla’s website states.
Tesla has also accepted crypto as a form of payment in the past. Just last year, after the company’s $1.5 billion purchase of Bitcoin, it announced that its buyers could use Bitcoin for transactions. But Tesla backed away from its acceptance of bitcoin after Musk expressed environmental concerns about its massive energy use. Dogecoin consumes much less power, per TRG datacenter.
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Other major US companies, including PayPal, AT&T and Starbucks, continue to accept Bitcoin and other forms of cryptocurrency payments.