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SpaceX to follow Tesla to accept DOGE for merch: Elon Musk

SpaceX is expected to accept DOGE for its merchandise soon; Tesla boss Elon Musk confirms in a tweet

Published: May 30, 2022 04:50:04 PM IST

Image: Shutterstock

Elon Musk, the tech billionaire, announced that his aerospace company SpaceX would soon accept Dogecoin (DOGE) as a payment option for merchandise, just four months after Tesla started accepting DOGE as payment for its merchandise. Elon Musk wants to introduce the payments for Starlink subscriptions.

DOGE gained 25 percent in December 2021 after Musk confirmed that Tesla would accept DOGE for merchandise. Elon Musk sent out another tweet on Friday, May 27, 2022, sending the price of DOGE surging for a few hours. "Tesla merch can be bought with DOGE, soon Spacex merch too," read the tweet.

Immediately after the tech billionaire's tweet, the price of DOGE jumped as much as 10 to 9 percent before settling at a 7.7 percent gain. DOGE's market capitalisation increased from $10.35 billion to $11.33 billion, post the tweet. The price of the meme coin increased from $0.078 to an intra-day high of $0.085. The surge wasn’t significant concerning the fact that the market is still reeling under the bear market impact.

Musk has now and again expressed his belief that DOGE is a better everyday payment option than Bitcoin (BTC). At the moment, SpaceX's merchandise shop only accepts credit card payments.

According to the report, shop items are only listed in dollars by default in the United States, and no cryptocurrency conversions or prices are available for any items in the shop.

The Tesla CEO has always been a DOGE supporter, and his tweets have always resulted in significant price movements for the meme coin. Tesla began accepting DOGE as a form of payment on select merchandise on January 14, 2022. DOGE rose by 10 percent to reach a high of $0.2 on that day after Musk’s tweet.

To purchase DOGE on the Tesla Shop, a customer must have a ‘Dogecoin wallet’. A DOGE wallet is a device, platform, app, or software that allows for the transfer of DOGE.

According to the company website, when using DOGE, the payment page will display the Tesla DOGE wallet ‘address’. Users will receive an alphanumeric code and a QR code in order to connect to your DOGE wallet and transfer the DOGE. It is the purchaser's responsibility to ensure that DOGE is correctly transferred to Tesla's DOGE wallet.

Aside from the Tesla and SpaceX announcements, Musk made a possible DOGE X Starlink cooperation regarding Starlink subscriptions in future. When asked if users could pay for the satellite internet service with DOGE, Musk responded, “maybe one day,” implying that it is definitely a possibility.

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash