Elon Musk teases the possible return of Dogecoin as a payment option for Tesla merchandise
Release: 2024/09/03 14:59 Reading: 672
Dogecoin May Return as Payment Option for Tesla
Elon Musk, CEO of Tesla, has hinted at the potential reintroduction of Dogecoin (DOGE) as a payment option for Tesla products. This follows Tesla's successful defense against a lawsuit that accused the company of manipulating the price of Dogecoin.
Musk's recent comments have sparked speculation within the crypto community about the possibility of DOGE becoming a payment alternative on Tesla's platform.
In January 2022, Tesla initially enabled Dogecoin transactions for merchandise purchases. However, this payment method was later discontinued without explanation, leaving the community uncertain about its future. Given Musk's well-known support for Dogecoin, it is not surprising that he is considering its reinstatement.
On August 29, a judge dismissed a $258 billion class-action lawsuit that alleged Musk and Tesla manipulated the price of Dogecoin. The lawsuit claimed that Musk used his influence, including his appearance on "Saturday Night Live," to artificially inflate the value of the cryptocurrency in a fraudulent "pump-and-dump" scheme.
Judge Alvin Hellerstein ruled that Musk's statements about Dogecoin were not misleading and that a reasonable investor would not have interpreted them as a promise of financial gain. The court found the allegations to be unsubstantiated and did not provide evidence to support claims of insider trading or market manipulation.
The price of Dogecoin experienced a slight decline in response to the news, mirroring the broader market trends seen in major cryptocurrencies like Bitcoin, which also incurred losses.
Despite this, the community remains optimistic about the potential for Dogecoin to return as a payment option on Tesla's platform, especially given Musk's continued support for the cryptocurrency.
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