Elon Musk Confirms Plans to Bring Back Dogecoin Payments for Tesla Products
As you have been following from Kriptokoin.com, the US district court ruled in favor of Elon Musk and Tesla in the Dogecoin manipulation case.
Elon Musk, a known fan of Dogecoin (CRYPTO: DOGE), has confirmed plans to bring back DOGE payments for Tesla (NASDAQ:TSLA) products.
Musk's confirmation comes after Elon Musk and Tesla won a class-action lawsuit over Dogecoin.
Following the lawsuit and Tesla accepting Dogecoin payments, the price of DOGE has been rising.
What Happened: Elon Musk is planning to bring back DOGE payments for Tesla, starting with merchandise.
"Me," Musk replied to a post by Sir Doge of the Coin asking the company to reinstate the DOGE payment option for merchandise.
The company is planning to open up the DOGE payment option, initially for merchandise items only.
With that in mind, it's possible the company could open up DOGE payments for its vehicles. Musk has voiced support for this several times in the past, including at an event earlier this year at the Giga Berlin facility in Germany.
The meme coin adoption is set to win with Musk backing the meme coin for wider adoption, including payments, following the recent win in the Dogecoin class-action lawsuit.
Judge Tosses Out Dogecoin Manipulation Lawsuit
A U.S. district judge dismissed a Dogecoin manipulation lawsuit against Elon Musk and Tesla.
District Judge Alvin Hellerstein said that the DOGE tweets were "aspirational and puffery" and that "no reasonable investor" should rely on them for investment decisions.
For context, several DOGE investors in 2022 sued Musk and the electric vehicle company, accusing them of running a pyramid scheme and manipulating the price of DOGE.
The class-action lawsuit included plaintiffs seeking $258 billion in damages.
Could DOGE Rally?
Musk has been a showing support for cryptocurrency and has hinted at plans to integrate DOGE for the payment service on his social media platform X.
Electric car company Tesla has updated its payment methods to include Dogecoin for its products.
Tesla products can only be purchased using a Dogecoin wallet.
The news of the development saw the price of DOGE rise and fell. Overall, the token price dropped 1% in the last 24 hours.
At the time of writing, the token traded around $0.1006. The 24-hour low and high were $0.097 and $0.102, respectively.
Trading volume increased by 21% over the last 24 hours, indicating increased interest from traders in the token.
See More: Best Cryptocurrency Scanners
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