The latest price action has also seen DOGE flip Avalanche (AVAX) to become the market’s 11th-largest cryptocurrency by market cap.
Currently, there are just a few items available at the Tesla store payable with DOGE, including the Giga Texas Belt Buckle for 835 DOGE, a Cyberwhistle for 300 DOGE, and a kids Cybersquad, which is available for 12,020 DOGE.
Last year, Tesla started accepting Bitcoin as payment for its electric vehicles. However, the company dropped the pilot amid concerns about the leading cryptocurrency’s negative impact on the environment.
The Elon Musk effect
Musk, who once described himself as “The Dogefather,” has a long relationship with the meme cryptocurrency.
The Tesla chief has long advocated for Dogecoin, pushing the idea of using the cryptocurrency for payments. At the same time, his rocket company SpaceX announced a Moon mission in 2022, with the payload paid for entirely in the meme coin.
Last year, Musk suggested that Dogecoin could beat Bitcoin “hands down,” revealing that he teamed up with Dogecoin developers in a bid to make the cryptocurrency cheaper and more energy-friendly.
Dogecoin has also benefited from Musk’s interest, with the billionaire’s multiple tweets sending the coin up on multiple occasions.
The Tesla CEO again pledged his loyalty to Dogecoin last month when—amid the heated Twitter spat around Web3 sparked by Jack Dorsey—he said he was “pro Doge.”
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