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Dogecoin price jumps after Tesla store starts accepting the meme coin for some merchandise

A word of caution before you open your digital wallet.

Dogecoin price jumps after Tesla store starts accepting the meme coin for some merchandise
[Source Images: Michael Duva/Getty]

The price of Dogecoin jumped 11% on Friday after Elon Musk tweeted that some Tesla merchandise could now be purchased with the cryptocurrency.

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A Q&A section on the EV company’s online store further explains the details. “Look for the Dogecoin symbol next to the ‘order’ button for Dogecoin-eligible products,” it says, although it does not name specific items. Users who want to make a purchase with the popular meme coin can do so with their “Dogecoin wallet,” the website explains, which is basically a digital wallet that accepts DOGE.

A word of caution, however: Tesla says it’s the buyer’s responsibility to ensure that the transfer goes through correctly and accurately. If you overpay, “the overpayment amount will not be refunded to the original form of payment.” You will also naturally be responsible for any transaction fees charged by your wallet provider.

Finally, it’s worth noting that crypto fans have been down this road before. Tesla, you may recall, accepted Bitcoin as a form of payment for a short time, but Musk suspended that option in May of last year, citing environmental concerns from Bitcoin mining.

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Either way, the Tesla CEO has long been cryptic champion of Dogecoin, which may have started as a joke, but has since gone on to be one of the most popular digital coins. According to an annual review from CoinDesk, DOGE was the third-highest outperforming crypto asset in 2021.

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About the author

Christopher Zara is a senior news editor for Fast Company and obsessed with media, technology, business, culture, and theater. Before coming to FastCo News, he was a deputy editor at International Business Times, a theater critic for Newsweek, and managing editor of Show Business magazine

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