Elon Musk has added Dogecoin to the list of accepted payment options for Tesla goods. The price of DOGE has surged over 20% in an inexorable climb.

According to a FAQs section of Tesla's official website, Elon Musk, the CEO of Tesla and a fan of Dogecoin, has apparently incorporated Dogecoin as a payment mechanism for certain Tesla products.

It comes one month after Elon Musk made hints that the company would eventually accept Dogecoin as payment for its vehicles.

In response to the announcement, traders acted quickly, and in the previous day, the price of DOGE surged by nearly 20%, closing at $0.16.

Notwithstanding the fervour in the cryptocurrency world, Tesla has not stated that Dogecoin is a valid form of payment for Tesla vehicles.

Dogecoin Is Visible Among Payment Options on Tesla Website

Elon Musk’s electric car manufacturer Tesla has started accepting Dogecoin as a payment method at Tesla Shops. According to a Dogecoin support page on the Tesla website, customers need to look at the Dogecoin symbol next to the “order” page of Dogecoin-eligible products.

As per Wayback Machine, the latest update on the page was done today, May 4.

Tesla products can be purchased through a Dogecoin wallet only. “All eligible Tesla products will be clearly priced in Dogecoin. This price will include any applicable taxes,” as per a FAQ.

However, there are some terms when making Dogecoin payments. These include — not accepting payments from multiple wallets for a single order, an order once placed can’t be canceled, and returns are not applicable for items purchased with Dogecoin.

“Tesla only accepts Dogecoin. Tesla cannot receive or detect any other digital assets. Ensure you are making your purchase with Dogecoin.”

In March, Elon Musk hyped up the meme coin to a crowd at the Tesla Gigafactory near Berlin, Germany.

When asked about when the electric vehicle maker to start accepting Dogecoin as a payment for its cars, Musk said he thinks the company “should enable that…at some point.”

DOGE Price Pumps Over 20%

DOGE price jumped more than 20% in the past 24 hours, with the price currently trading at $0.16. The 24-hour low and high are $0.137 and $0.161, respectively.

Furthermore, the trading volume has surged over 90% in the last 24 hours, indicating a massive interest among traders.

Total Dogecoin futures open interest has increased by 26% over 24 hours and a more than 9% jump in open interest in the past 4 hours, as per CoinGlass data. This indicates massive buying from futures traders.