Elon Musk Teases Tesla DOGE Merchandise Plan: Report

Elon Musk teases Tesla DOGE merchandise plan after he tweeted that his company could make some merch available to buy with DOGE to see how it goes. After the tweet, DOGE surged in value by 33% as we can see more today in our latest Dogecoin news.

Dogecoin increased 33% after Elon Musk teases Tesla DOGE purchases as he said the electric carmaker would accept dogecoin as payment for some merch:

“Tesla will make some merch buyable with Doge & see how it goes.”

Dogecoin prices increase to as high as $0.20 after Musk’s tweet and they fell to $0.18 after the initial spike. The founder of Tesla previously supported Dogecoin development and adoption even as the meme coin creators abandoned the project back in 2015.

Tesla will make some merch buyable with Doge & see how it goes

— Elon Musk (@elonmusk) December 14, 2021

While some could argue that DOGE is a really enthusiastic aspect of the crypto market, Brad Garlinghouse doesn’t agree. Ripple’s CEO stated that DOGE might not be good for the crypto market because of its inflationary nature. The CEO commented during a CNBC-moderated panel discussion at the Fintech Abu Dhabi event and while discussing the broader market, he said that the rising inflation is creating some strong tailwinds for the entire sector.

Dogecoin was launched in 2013 and was indeed created in a few hours according to its creator. Though created as a joke based on an internet meme, it ranks as the 10^th biggest cryptocurrency by market cap. Shiba Inu as another dog-themed coin entered the top ranks following Doge’s success. The popularity of the coins was aided by Elon Musk’s comments and tweets but Garlinghouse argued that DOGE has inflationary dynamics that will make him reluctant to hold it. Dogecoin doesn’t have a fixed supply like bitcoin which is giving a weak argument for long-term use as an inflation hedge asset.

According to the latest reports, bitcoin mining hits 57% renewable energy which is why a lot of crypto users urged Tesla to resume its BTC payments. Energy consumption has been one of the biggest issues in the crypto space and the concerns of energy consumption and environmental impact were cited as reasons during the China crackdown that saw miners fleeing the region en masse after the country-wide ban.