Dogecoin

Pyramid

Elon Musk

<p class="is-style-lead">Dogecoin, which Tesla CEO Elon Musk called his “fav cryptocurrency” back in 2019, could be making a comeback as a payment option on the electric vehicle maker’s website.</p> 
<p>Recall January 2022, when Tesla began accepting the meme token as a payment option for certain merchandise (i.e., apparel and accessories) in its online store. </p> 
<p>At some point, Dogecoin (<a href="https://crypto.news/price/dogecoin/" target="_blank" rel="noreferrer noopener">DOGE</a>) mysteriously disappeared as a payment option, prompting fans to inquire on X.com about possibly bringing it back.</p> 
<p>Musk, who owns X.com and a majority of Tesla stock, is interested. </p> 
<p>“Me,” Musk wrote in reply to an X user who asked whether anyone would like Tesla to “reinstate the option of”bring back the Dogecoin payment option” for merchandise. See below.</p> 
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   <p lang="und" dir="ltr">Me</p>— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1829667679390564551?ref_src=twsrc%5Etfw" target="_blank" rel="">August 30, 2024</a>
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<p>Currently, the Tesla store only accepts credit cards as a payment. It’s not clear when or why Dogecoin stopped being a payment option. The Austin, Texas-based company never broadly accepted Dogecoin for car payments, and there wasn’t a formal announcement about “removing” it as a payment option. </p> 
<h2 class="wp-block-heading" id="musk-the-environmentalist">Musk the environmentalist?</h2> 
<p>Tesla’s crypto-as-a-payment policy is especially confusing, considering — in 2021 — Musk posted that the company intends to “use [Bitcoin] for transactions as soon as mining transitions to more sustainable energy.” </p> 
<p>See below. </p> 
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   <p lang="en" dir="ltr">Tesla &amp; Bitcoin <a href="https://t.co/YSswJmVZhP" target="_blank" rel="">pic.twitter.com/YSswJmVZhP</a></p>— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1392602041025843203?ref_src=twsrc%5Etfw" target="_blank" rel="">May 12, 2021</a>
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<p>Cryptocurrencies like Bitcoin and Dogecoin require significant amounts of electricity to process transactions and ensure their respective networks remain secure.</p> 
<p>Environmentalists and investors pointed out how the carbon footprint associated with cryptocurrency transactions was seemingly at odds with Tesla’s clean energy initiatives. </p> 
<p>It’s also worth noting that Musk is a staunch supporter of former President and current Republican nominee Donald Trump, who pledges to roll back <a href="https://www.nytimes.com/2024/06/26/climate/trump-clean-energy-china.html" data-type="link" data-id="https://www.nytimes.com/2024/06/26/climate/trump-clean-energy-china.html" target="_blank" rel="">clean energy initiatives</a> if re-elected.</p> 
<h2 class="wp-block-heading" id="legal-drama">Legal drama</h2> 
<p>Musk’s affirmation for Dogecoin came less than 24 hours after U.S. District Judge Alvin Hellerstein <a href="https://crypto.news/court-drops-258b-dogecoin-manipulation-case-against-elon-musk/" data-type="link" data-id="https://crypto.news/court-drops-258b-dogecoin-manipulation-case-against-elon-musk/">dismissed</a> a federal lawsuit that <a href="https://assets2.pacermonitor.com/filings/Johnson_v_Musk_et_al/Johnson_v_Musk_et_al__nysdce-22-05037__0113.0.pdf?X-Amz-Security-Token=IQoJb3JpZ2luX2VjEDcaCXVzLWVhc3QtMSJHMEUCIQC6qBmA9qFq18ZzXkAqLP5l4QMgpnGZjyxWX7ZqBtzQKwIgP%2BzYtes9VFXefOF8uEWtduqMQzmJUlDgtFuZPlGGO7UqsQUITxAEGgw5MjQ2NTE0MDgzOTgiDF79x1t7vshXTSo7eCqOBZF2ykxKk6tpY5viwCUbJB1wJaXtpJrx4KcYmuhrkPrQMkCBsm%2FPcnC5xEKnYaYHfQ8ABxud9oTARklHsoHMcwJnjOL2O0bV3sVjv000tNw3awaJJ9FfVxnjVRrv0WtSrV8OHjRopQf5Ll4JsXkvQD7%2BK5nlusWuYARLAMOLm00z5h1uj4m2wGbibIoxN7shkGcSZUDyZlp6OFcu7%2B8Zc3wsaU1vC%2Fsi%2FvGhqD45Ep%2FwKxP2lsv20mlTBmOGqIbc9%2FbJdkXJvCSV%2BFxH1%2Bkeep6dqjPf2OudiC6poItyltMEfMCtL0n7SZBe%2B2Xkr7LgZlDUR4u%2BcrptJvRBJs%2BG23OoT7BzlVzCCEy6wYVZsIb2KgltmJCGLTqoQkqDuV6c2Dz%2BpXemtx3GV3rFesOG9ReMJ%2BtDvK7uMtDO7JTAMbdJqf8a8tFccOZZMnBgaFpJaHdnknEQwsRlQjWdm7As3VCa7XI9oQeNyAgjkqvBpabK3ZJcs%2B%2Fek%2BoBgpLAhwSsNuYU1QLRxVx0CdbmoJW20D2uZgWuo4yvj6b9va9N8npzID2eJqUuyacOsxgmHc5Wg8TJzpHy92KhisAIfT1CFHY19k%2FNEs788FLEwllkaJw2ig%2F2qPlKQDhp1dkQwDdSyD4oWcGz52Jy4CHSEp0Eyo2fy4jq%2BQ0QsT6JMd0Qn8nvMsBOFrpiV7rThtFkfWlagN4pT4rusyggxl8K0BpiqfD5xlAoG%2FHreeI%2B3N196%2BCvfLZ%2FiI49uqmqqsg6u%2FTOPUyBlqZCcUhDY5qeQ0olLYVMxmKO%2Ffh%2BB4TruZ7slj4T7SACH3BJRyH5r375kqq0xDEWCTxRCs%2BEzaQowQyzRRNnFFLTmn0cgJunOvqU4TD048O2BjqxAVBFVa1waJRuP6Gj76Fk5Mge0G8hq1%2FZtu7jWMmK2rvT8PjvoOs8J2cSI3ncKdDRQ4p3C2odMS4HkN7%2FZq6LE7f%2B1KtEF0dR%2FSssHNmy3dX0Zf%2FPadRy3uhx6KPhkW7Th3sTKx1QZ6YFthJnnunym2nTXlo2aIOcaK0Jb2L2MnGOs0osmXITKdVa5ACfesvGWpdXU%2FBXXzGxF75%2FdebFYqtm%2F6aVNYRmIUaUBmw3k8vltA%3D%3D&amp;X-Amz-Algorithm=AWS4-HMAC-SHA256&amp;X-Amz-Date=20240829T235834Z&amp;X-Amz-SignedHeaders=host&amp;X-Amz-Expires=599&amp;X-Amz-Credential=ASIA5OSMEZQHODUGHYCD%2F20240829%2Fus-east-1%2Fs3%2Faws4_request&amp;X-Amz-Signature=0a3095e249b95a53412114377a9024e4e14bcb62501ebedda00059ca9f488019" data-type="link" data-id="https://assets2.pacermonitor.com/filings/Johnson_v_Musk_et_al/Johnson_v_Musk_et_al__nysdce-22-05037__0113.0.pdf?X-Amz-Security-Token=IQoJb3JpZ2luX2VjEDcaCXVzLWVhc3QtMSJHMEUCIQC6qBmA9qFq18ZzXkAqLP5l4QMgpnGZjyxWX7ZqBtzQKwIgP%2BzYtes9VFXefOF8uEWtduqMQzmJUlDgtFuZPlGGO7UqsQUITxAEGgw5MjQ2NTE0MDgzOTgiDF79x1t7vshXTSo7eCqOBZF2ykxKk6tpY5viwCUbJB1wJaXtpJrx4KcYmuhrkPrQMkCBsm%2FPcnC5xEKnYaYHfQ8ABxud9oTARklHsoHMcwJnjOL2O0bV3sVjv000tNw3awaJJ9FfVxnjVRrv0WtSrV8OHjRopQf5Ll4JsXkvQD7%2BK5nlusWuYARLAMOLm00z5h1uj4m2wGbibIoxN7shkGcSZUDyZlp6OFcu7%2B8Zc3wsaU1vC%2Fsi%2FvGhqD45Ep%2FwKxP2lsv20mlTBmOGqIbc9%2FbJdkXJvCSV%2BFxH1%2Bkeep6dqjPf2OudiC6poItyltMEfMCtL0n7SZBe%2B2Xkr7LgZlDUR4u%2BcrptJvRBJs%2BG23OoT7BzlVzCCEy6wYVZsIb2KgltmJCGLTqoQkqDuV6c2Dz%2BpXemtx3GV3rFesOG9ReMJ%2BtDvK7uMtDO7JTAMbdJqf8a8tFccOZZMnBgaFpJaHdnknEQwsRlQjWdm7As3VCa7XI9oQeNyAgjkqvBpabK3ZJcs%2B%2Fek%2BoBgpLAhwSsNuYU1QLRxVx0CdbmoJW20D2uZgWuo4yvj6b9va9N8npzID2eJqUuyacOsxgmHc5Wg8TJzpHy92KhisAIfT1CFHY19k%2FNEs788FLEwllkaJw2ig%2F2qPlKQDhp1dkQwDdSyD4oWcGz52Jy4CHSEp0Eyo2fy4jq%2BQ0QsT6JMd0Qn8nvMsBOFrpiV7rThtFkfWlagN4pT4rusyggxl8K0BpiqfD5xlAoG%2FHreeI%2B3N196%2BCvfLZ%2FiI49uqmqqsg6u%2FTOPUyBlqZCcUhDY5qeQ0olLYVMxmKO%2Ffh%2BB4TruZ7slj4T7SACH3BJRyH5r375kqq0xDEWCTxRCs%2BEzaQowQyzRRNnFFLTmn0cgJunOvqU4TD048O2BjqxAVBFVa1waJRuP6Gj76Fk5Mge0G8hq1%2FZtu7jWMmK2rvT8PjvoOs8J2cSI3ncKdDRQ4p3C2odMS4HkN7%2FZq6LE7f%2B1KtEF0dR%2FSssHNmy3dX0Zf%2FPadRy3uhx6KPhkW7Th3sTKx1QZ6YFthJnnunym2nTXlo2aIOcaK0Jb2L2MnGOs0osmXITKdVa5ACfesvGWpdXU%2FBXXzGxF75%2FdebFYqtm%2F6aVNYRmIUaUBmw3k8vltA%3D%3D&amp;X-Amz-Algorithm=AWS4-HMAC-SHA256&amp;X-Amz-Date=20240829T235834Z&amp;X-Amz-SignedHeaders=host&amp;X-Amz-Expires=599&amp;X-Amz-Credential=ASIA5OSMEZQHODUGHYCD%2F20240829%2Fus-east-1%2Fs3%2Faws4_request&amp;X-Amz-Signature=0a3095e249b95a53412114377a9024e4e14bcb62501ebedda00059ca9f488019" target="_blank" rel="">accused</a> the Tesla chief of defrauding investors through insider trading and market manipulation of Dogecoin.</p> 
<p>The suit alleged that Musk misused his position as the world’s richest man to inflate the price of Dogecoin over “36,000%”&nbsp; and then let its price crash, leading to losses for investors. </p> 
<p>The plaintiffs <a href="https://crypto.news/elon-musks-key-litigator-withdraws-amid-dogecoin-lawsuit-saga/" data-type="link" data-id="https://crypto.news/elon-musks-key-litigator-withdraws-amid-dogecoin-lawsuit-saga/">argued</a> that Musk’s actions could be justified as a “Dogecoin Pyramid Scheme,” where he promoted the cryptocurrency to profit from the volatility he allegedly created.</p> 
<p>The price of DOGE once reached an all-time high of $0.73 but has yet to reach those price levels again.</p> 
<p>Hellerstein said any statements made about Dogecoin are “aspirational and puffery, not factual” and that “no reasonable investor could rely upon them” for making investment decisions.</p> 
<p>The judge also found that the facts did not support the plaintiffs’ allegations of a “pump and dump” scheme, market manipulation, and insider trading, underlining that it was “not possible to understand the allegations that form the basis” of these claims.</p> 
<p>Whether the Dogecoin lawsuit dismissal bodes well for Tesla fans to once again use the dog-themed coin as a payment option when buying, say, a Cybertruck t-shirt, remains to be seen. </p> 
<p> Read more: <a href="https://crypto.news/dogecoin-could-hit-1-if-trump-wins-and-musk-gets-the-cabinet-role/"> Dogecoin could hit $1 if Trump wins and Musk gets the cabinet role </a> </p>

Elon Musk wants to bring Dogecoin back to Tesla merch page

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