- Elon Musk reiterates support for Dogecoin payments for Tesla merchandise following a favorable U.S. court ruling.
- Judge dismisses Dogecoin price manipulation lawsuit, labeling Musk’s tweets as “aspirational and puffery.”
Elon Musk, the CEO of Tesla, has reaffirmed his support for using Dogecoin as a payment method for Tesla merchandise following a legal victory. The decision came after a U.S. district court ruled in favor of Musk and Tesla in a lawsuit accusing them of manipulating the price of Dogecoin.
The lawsuit, which sought a staggering $258 billion in damages, claimed that Musk and his company were responsible for inflating Dogecoin’s price through promotional tweets and statements.
However, U.S. District Judge Alvin Hellerstein dismissed the case, describing Musk’s tweets about Dogecoin as “aspirational and puffery,” indicating that no reasonable investor should base financial decisions solely on these statements.
After the court ruling in his favor, Elon Musk announced on social media his plan to reinstate Dogecoin as a payment method for Tesla merchandise. He responded affirmatively to a suggestion from Sir Doge of the Coin, a prominent personality within the Dogecoin community.
Musk’s simple reply, “Me,” unequivocally endorsed the return of Dogecoin for transactions within his company.
Initially, Dogecoin payments will be accepted for Tesla merchandise only, with potential plans to extend this option to vehicle purchases in the future. Musk has consistently shown interest in Dogecoin and its broader potential for commercial transactions, even discussing it during events such as the one held at Tesla’s Giga Berlin facility in Germany earlier this year.
The reinstatement of Dogecoin payments, particularly after the lawsuit’s resolution, is seen as a significant move that could further boost the adoption of the meme coin. Dogecoin enthusiasts and investors are optimistic that this support from a high-profile business leader like Musk could help drive the cryptocurrency’s value towards the $1 mark.
This development not only highlights the intersection of cryptocurrency and mainstream commerce but also reflects the growing acceptance of crypto in everyday transactions.
As Dogecoin continues to gain traction, the crypto community will be closely watching the impact of Musk’s endorsement on its market position and whether it will indeed “send DOGE price to the moon” as many hope.
The current price of Dogecoin (DOGE) is approximately $0.1011 USD, with a slight increase of 1.02% over the past 24 hours. Today’s trading range has been between $0.1005 and $0.1022 USD. Over the last 52 weeks, the price has ranged from $0.0575 to $0.2266 USD.
Dogecoin’s market capitalization stands at $14.735 billion, with a trading volume of about $495.68 million in the last 24 hours.
