By Key Point
- Elon Musk hints at Dogecoin return to Tesla for merchandise payments.
- Speculation rises after Musk’s win in a $258B Dogecoin manipulation lawsuit.
- Tesla had previously accepted Dogecoin before quietly discontinuing it.
- The timeline for Dogecoin’s return to Tesla remains unclear.
Elon Musk, Tesla’s CEO and an influential tech mogul has suggested the possible Dogecoin return to Tesla as a payment option for merchandise.
This tease comes shortly after a significant legal triumph, where Musk and Tesla successfully dismissed a class-action lawsuit that accused them of manipulating Dogecoin’s price.
Elon Musk Eyes Dogecoin Revival on Tesla Site After Winning Insider Trading Lawsuit@elonmusk #elonmusk #Dogecoin pic.twitter.com/pnNFFoMMk5
— Tech Insider (@ElectricNews3) September 1, 2024
Speculation Builds Around Dogecoin Return to Tesla
On August 31, Musk ignited speculation about a potential Dogecoin return to Tesla by replying “Me” to a Twitter user asking if anyone wanted to see Dogecoin accepted for Tesla merchandise again.
This brief interaction sent waves through the crypto community, fueling hopes that the meme coin might once more be used for purchasing Tesla items.
The Doginals protocol, a key player in the Dogecoin community, quickly highlighted the benefits of DOGE, noting its fast network transfer, low fees, and an expanding user base of over 7 million.
However, despite the growing buzz, Tesla has yet to confirm when or if the Dogecoin return to Tesla will happen.
Tesla first accepted Dogecoin for select merchandise in January 2022. At the time, the company made it clear that only Dogecoin would be accepted, warning that other cryptocurrencies sent would not be refunded.
However, this payment option was later removed without explanation, leaving many fans of DOGE puzzled and disappointed.
Musk’s Legal Victory Could Pave the Way for Dogecoin Return to Tesla
Elon Musk’s affection for Dogecoin is well-known, making the Dogecoin return to Tesla a strong possibility. Earlier this year, he even hinted that Tesla might start accepting Dogecoin for car payments.
His continued support for DOGE has consistently influenced the coin’s market performance, often driving up its value with just a tweet.
However, Musk’s involvement with Dogecoin hasn’t been without controversy. Just before his recent tease about DOGE, Musk and Tesla emerged victorious from a $258 billion lawsuit.
The lawsuit accused them of manipulating Dogecoin’s price and claimed Musk used his influence, including a well-publicized appearance on “Saturday Night Live,” to sway the coin’s value.
Judge Alvin Hellerstein, who presided over the case, dismissed the lawsuit, ruling that Musk’s statements about Dogecoin were “aspirational and puffery” rather than factual assertions that could mislead investors.
He concluded that no reasonable investor could have relied on Musk’s comments as investment advice, and the “pump and dump” allegations were unfounded.
As the crypto community eagerly awaits confirmation of Dogecoin’s return to Tesla, Musk’s recent hint and legal victory have reignited excitement around DOGE and its potential future with the electric car giant.
