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Tesla, Inc. now accepts Dogecoin (DOGE) for its line-up of pollution-sparing electric cars. Founder and CEO Elon Musk said back in March that the car company could begin accepting the DOGE chain’s meme money “at some point” in the future.
The company officially began selling cars for meme cryptocurrency earlier this month, just as one of the newest meme coin projects on Ethereum– Kai Cat (KAI)– rounded its first $323,000 in presale funds for $0.004 per token, the pre-market price for KAI before it is listed on crypto exchanges, where market participants will decide the price KAI commands.
Meme coins may seem unconventional, but they highlight the power of community in crypto. Building a successful project, meme-based or not, takes dedication.
Let’s see what the next bull cycle brings! 👀 pic.twitter.com/S40tXLhSO3
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 1, 2024
Tesla Accepts Dogecoin For Electric Cars
Back in March, at the Tesla Gigafactory in Berlin, Germany, “When will I be able to buy a Tesla with dogecoin?” The billionaire materials science engineer and business magnate said, “At some point I think we should enable that.”
He noted that Bitcoin supporters were already generally wealthy, and said he supports Doge to give everyday people a chance to make moonshot profits from a cryptocurrency, like Bitcoin’s early investors had back in 2012 and 2016 (with 50,000% and 8,000% profits, respectively, in those years from BTC supply cut date to market peak prices).
“Dogecoin to the moon,” Musk said. “I was walking around the factory at Tesla, some people who were just working the line, like not rich people or anything, and they said can you please support DOGE?”
“You know what? DOGE is the people’s crypto,” the SpaceX and Tesla CEO said. “So I’ll support it. Because lots of rich people were supporting Bitcoin. But I was like if the people want me to support Doge, I will support Doge. Doge is for you.”
Elon Musk at Giga Berlin today.
“When will I be able to buy a Tesla with dogecoin?”
“At some point I think we should enable that.” 😂🔥 pic.twitter.com/Suk7bifuHC— Sir Doge of the Coin ⚔️ (@dogeofficialceo) March 14, 2024
More Proof Meme Coins Are Real Currency
As Bitcoin, Dogecoin, and a thousand other successful new digital currencies began to change the world over the past few years, a bevy of skeptics and critics have balked and ballyhooed that they aren’t real money because their users don’t spend them and merchants don’t accept them for payment.
Many of the most successful cryptocurrencies have been such effective solutions to holding value against the rising prices of the inflationary dollar economy that their investors still don’t want to spend them unless it’s to invest in new cryptocurrencies.
Taking their savings out of currencies that have skyrocketed in market price and held value against USD seems short-sighted to many crypto investors, especially those who have been around long enough to see how big the gains are in crypto for those who hold and wait just four years from any given point in the market cycle, even its highest peaks.
Can You Buy A Car With Ethereum $KAI Cat?
Tesla’s acceptance of Dogecoin proves that it is real money and a truly viable consumer currency as well as a financial currency and investment vehicle.
It also may be proof that DOGE is right behind Bitcoin as a currency whose early adopter stage of outstanding growth is nearly over.
For that reason, new currencies like Ethereum Kai Cat raise hundreds of thousands and millions of dollars every quarter from investors looking to find the next under-funded and undervalued blockchain or on-chain innovation in the cryptocurrency industry.
You can’t buy a car with it today, but KAI Cat’s early investors are hoping KAI holders will one day be able to see the kind of returns that DOGE’s early investors have.
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