Tesla Testing Dogecoin Payments Under ‘Shiba’ Code-Name
Dogecoin’s godfather, Elon Musk has just announced how Dogecoin will own the crypto market by the end of this year. The tech mogul was even once fake CEO for the coin and would have been CEO again before he got snubbed. But more on that in a bit.
Musk has always been vocal about his crypto preferences and just a couple of weeks ago in October he once again reiterated what his crypto investments are.
The ship army had enjoyed a massive bull run in October, recording unprecedented gains, and some part of those growth surges could be attributed to some of Elon Musk’s perfectly timed tweets.
Dogecoin has been Elon Musk’s baby for the longest time
For instance, Musk tweeted about his new dog Floki, and the price of Shiba Inu themed cryptocurrencies surged significantly. As a result, Shiba Inu was easily the biggest beneficiary of this price surge as it grew about 40 percent from that single tweet. And so spurred by these gains.
A Shib fan ventured to ask Elon Musk whether he had some Shiba Inu in his investment portfolio, but Musk’s revelation shocked the ship army as he made it clear that he was still a diehard fan of only one meme coin. Dogecoin and the only other coins in his portfolio remain Bitcoin and Ethereum. Dogecoin has been Elon Musk’s baby for the longest time.
He also added that people shouldn’t bet the farm on crypto as true value comes from building products and producing services to your fellow human beings, not in money in any form. Dogecoin’s co-creator, Billy Markus also seconded Musk’s opinion adding that Dogecoin is fast, scalable and inexpensive to send around the world.
Dogecoin being fast, scalable and inexpensive to send around is all it needs to be. It doesn’t need to be yet another blockchain that hosts NFTs or other tokens or whatever. The tech to get there is complex, but utility is simple and needed beauty in simplicity.
Tesla is testing Dogecoin payments under the codename Shiba
Tesla might have been testing Dogecoin as a crypto payment option. An analysis of Tesla’s source code showed the options to order in SHIBA listed in between the existing choices. Order with Card and Order with Bitcoin. However, the latter has emerged as the 11th-biggest cryptocurrency by market value at the time.
It is possible that Tesla is testing Dogecoin as a crypto payment option as an analysis of Tesla source code reveals. Also among the payment options in the lineup were order with card order with Bitcoin and order with Shiba. Elon Musk had announced on Twitter that his company would be accepting Bitcoin as a mode of payment to purchase its electric vehicles.
The option to make payments using Bitcoin was only possible in the United States at the time. However, Musk announced that the company would be expanding the payment method to other countries as well. If Tesla does accept Dogecoin, this would be huge for the cryptocurrency.
It would finally shut the naysayers up for good and cement Dogecoin’s place as king of the meme coins permanently. This is also going to boost Dogecoin’s valuation in the market and possibly suit prices up to $1, probably even higher. When bulls are finally able to reclaim this level and consolidate above, they expect a second wave in uptrend towards 45 cents. For now, Dogecoin continues to sell for 25 cents, about 66 percent below its all time high of 74 cents.