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Elon Musk has confirmed that Dogecoin payments for Tesla merchandise will resume, possibly driving the DOGE price toward the long-anticipated $1 mark.
Tesla Wins DOGE Manipulation Lawsuit
With a dismissal of the case citing the tweets as "aspirational and puffery," a US district court sided with Elon Musk and Tesla in the DOGE manipulation lawsuit.
As a result of the victory, Elon Musk has stated his intention to reinstate Dogecoin payments for Tesla products. A significant driver for bringing the price of DOGE to $1 might be this move, Coingape elaborates.
Musk Announces Dogecoin Payment Option
On Saturday, Elon Musk announced his intention to reinstate Dogecoin as a payment method for Tesla products. In response to a post by Sir Doge of the Coin, he said, "Me," regarding the number of people who want the business to accept Dogecoin again as payment.
At first, he just intends to restore the Dogecoin payment option for goods, but the business may eventually accept DOGE for purchases of vehicles. Earlier this year, at an event at its Giga Berlin site in Germany, Musk reiterated his support for this.
After the recent victory in the Dogecoin class action case, Musk has shown his support for the joke coin DOGE, which will lead to its adoption and greater acceptability, including payments.
Court Clears Tesla of DOGE Manipulation
This week, Elon Musk and Tesla were found not guilty of charges related to the Dogecoin manipulation by US District Judge Alvin Hellerstein. According to him, "no reasonable investor" should depend on DOGE tweets as they are "aspirational and puffery" while making investing decisions.
Just so you know, in 2022, a few Dogecoin holders went after Musk and his electric vehicle company for allegedly manipulating the price of DOGE and running a pyramid scheme. Notably, the damages requested in the class action were $258 billion.
An enthusiastic backer of the coin, Elon Musk has dropped hints that social networking platform X may incorporate DOGE as a payment tool.
According to previous reporting by CoinGape, the electric car startup has expanded its payment methods to accept Dogecoin. You can only buy Tesla things with a Dogecoin wallet. The news caused the price of DOGE to surge by more than 20%.
DOGE Price Set for Significant Increase
After Dogecoin payments resume, the price of DOGE has the potential to surge by 50%, according to price analysis. Some have even speculated that this event could cause a rally to $1.
At the time of writing, one DOGE is worth $0.101, a 1% increase from the previous 24 hours.
