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Elon Musk hints at Dogecoin return as Tesla payment after lawsuit win

GrafaGrafa2024/09/03 01:45
By:Mahathir Bayena

Elon Musk, CEO of Tesla, has hinted at the possible return of Dogecoin (CRYPTO:DOGE) as a payment option for Tesla merchandise.

This comes just days after Musk and Tesla successfully dismissed a lawsuit accusing them of manipulating Dogecoin’s price through a pump-and-dump scheme.

The speculation began on August 31 when Musk responded "Me" to a query about bringing back Dogecoin as a payment method for Tesla merchandise, sparking renewed interest within the crypto community.

In January 2022, Tesla had accepted Dogecoin for merchandise, specifying that only DOGE would be accepted and that other digital assets would not be refunded if sent.

However, the payment option later disappeared without explanation.

Musk's recent comments have revived speculation about a potential return, especially given his consistent support for Dogecoin.

Earlier this year, Musk even suggested the possibility of Tesla accepting Dogecoin as a payment method for cars.

Musk's support for Dogecoin, however, has not been without controversy.

On August 29, a $258 billion class-action lawsuit against Musk and Tesla was dismissed by Judge Alvin Hellerstein.

The lawsuit accused Musk and Tesla of manipulating Dogecoin's price by using Musk’s influence, including his appearance on "Saturday Night Live," to sway the coin’s value.

Judge Hellerstein ruled that Musk’s statements about Dogecoin were “aspirational and puffery,” not factual claims that could mislead investors.

He concluded that the “pump and dump” allegations lacked evidence.

Despite these developments, DOGE’s price has fallen by over 2% in the past 24 hours to $0.099113, reflecting broader market trends with significant losses among major digital assets.

It remains to be seen whether Tesla will reintroduce Dogecoin as a payment method, but Musk's continued advocacy suggests it could be possible in the future.

At the time of reporting, the Dogecoin (DOGE) price was $0.09899.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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