Musk Teases Dogecoin Comeback for Tesla Merchandise

Elon Musk, Tesla CEO and prominent tech billionaire, has hinted at the potential return of Dogecoin (DOGE) as a payment option for Tesla merchandise.

This statement comes just two days after he and Tesla successfully dismissed a June 2022 lawsuit accusing them of defrauding investors through a Dogecoin pump-and-dump scheme.

Musk Suggests Dogecoin’s Possible Comeback for Tesla’s Merchandise

On August 31, Musk replied “Me” when asked if anyone else wanted Tesla to bring back Dogecoin as a payment option for merchandise. His response ignited speculation within the crypto community about the meme coin’s potential return to Tesla’s platform.

“Your choice of Dogecoin as a payment is completely satisfactory, fast network transfer, low fees, and the number of holders is over 7 million people,” Doginals protocol stated.

Meanwhile, it is unclear whether Tesla will implement this feature again considering the firm had previously accepted Dogecoin for merchandise in January 2022. At that time, the company specified that only Dogecoin would be accepted and warned that other digital assets sent to it would not be refunded. However, the Dogecoin payment option later vanished without explanation.

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Given Musk’s well-known support for Dogecoin, a comeback wouldn’t be surprising. Earlier this year, he hinted at the possibility of Tesla accepting Dogecoin as a car payment method. Musk has consistently expressed his fondness for DOGE and often influenced its price movements through his actions.

However, Musk’s advocacy for Dogecoin has also led to legal challenges. On August 29, Judge Alvin Hellerstein dismissed a $258 billion class-action lawsuit against the billionaire and his company. The lawsuit accused Musk and Tesla of manipulating Dogecoin’s price. It also alleged that Musk used his 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,” rather than factual claims that could mislead investors. He concluded that no reasonable investor could have relied on those statements, and the “pump and dump” allegations were unfounded.

“As for Musk and Tesla’s alleged ‘pump and dump’ scheme, it is not possible to understand the allegations that form the basis of Plaintiffs’ conclusion of market manipulation, a ‘pump and dump’ scheme, a breach of a fiduciary duty amounting to insider trading, or the state law claims,” the Judge ruled.

Read more: Dogecoin (DOGE) Price Prediction 2024/2025/2030

Despite these developments, DOGE’s price is down over 2% in the past 24 hours to $0.099113 as of press time, according to BeInCrypto data. This decline mirrors a broader market trend, with major digital assets like Bitcoin experiencing significant losses during the reporting period.