They’re selling everything from apparel to car accessories. And, for those of us that can’t afford the real thing, they even offer 1:18 scale models of the coveted vehicles.
What does this have to do with cryptocurrency?
Well, according to Elon Musk, Tesla will begin to accept Dogecoin (DOGE) as a form of payment for some merchandise at in the not-too-distant future.
Vague, I know. But also promising, right?
While it remains unclear as to what you can buy, Musk hasn’t been shy about his fondness for Dogecoin with well-timed tweets that tend to boost its value. He likes The Doge because it’s suited to handling a large volume of transactions with lower gas fees than Bitcoin or Ethereum.
And Musk’s billionaire status leads many people to believe that he might know what he’s talking about when it comes to financial matters.
From Punchline to Purchasing Power
Dogecoin has come a long way from its satirical launch back in 2013.
Naturally, after Musk’s announcement, the viral Shiba Inu dog’s namesake cryptocurrency jumped in value before settling down to a comfortable $0.16 as of January 12, 2022. An impressive feat, considering it took 8-years for a single Dogecoin to reach the equivalent value of a penny.
This goes to show that sometimes all we need is for a billionaire to believe in us before we can believe in ourselves…
…that, or maybe we’d rather see dogs on our currency instead of dead presidents.
In addition to Tesla, other companies such as Newegg and AMC also support DOGE, lovingly referred to as a meme coin. Dogecoin was the first of its kind, launched as a joke based on the meme featuring a Shiba Inu. The cryptocurrency developed a following, taking it to a market value of $8 million, which seated it as the 7th largest electronic currency around the globe.
People began to talk.
The quick transaction process only takes 1 minute to confirm in comparison to Bitcoin’s 10-minute process. With the tumultuous nature of cryptocurrency, those extra 9-minutes can make a huge difference.
As companies and investors continue to show enthusiasm for meme stocks, it’s likely that value will continue to increase. However, like any good meme, you never know when it will fall out of circulation.
I, for one, will be keeping my eyes open to see how the relationship between Dogecoin and Tesla develops. In addition, I look forward to the day I can pay my mortgage using CorgiCoin.