Tesla Reportedly Tests Dogecoin Payment Option, DOGE Climbs 12%

Electric car maker, Tesla is reportedly testing the payment option of cryptocurrency Dogecoin (DOGE). According to a report published by The Block, most of the non-technical people cannot see the DOGE payment option as of now due to its ‘hidden feature’.

However, the backend of Tesla’s website for Dogecoin payments is now active. A software engineer who goes by the name of ‘Tree of Alpha’ on Twitter told The Block that most of the code is already present in the latest Javascript files Tesla uses for processing payments.

In December 2021, Elon Musk, the CEO of Tesla, announced that the company is planning to accept DOGE as a mode of payment. After the recent testing, the DOGE community is hoping for an official announcement from Musk in the coming days.

On its website, Tesla has a dedicated section for Dogecoin to explain the process of buying the products of the company through DOGE.

"To purchase using Dogecoin on the Tesla Shop, you will need a 'Dogecoin wallet.' A DOGE wallet is a device, platform, app, and software that supports DOGE transfers. When checking out with DOGE, the payment page will display the Tesla Dogecoin wallet 'address' in both an alphanumeric code and a QR code form for you to connect to your DOGE wallet to transfer the DOGE," the company noted.

Dogecoin’s Price Action

Following the testing rumors, the price of Dogecoin spiked by nearly 12% within two hours. In the last 7 days, the crypto asset jumped by almost 25%. After hitting an all-time high of over $0.70 in May 2021, DOGE has been in a downtrend. Furthermore, the most valuable meme coin faced challenges from Shiba Inu (SHIB). With a market cap of more than $25 billion, DOGE currently holds 11th position in the list of most valuable digital currencies.