Electric car maker Tesla Inc. (TSLA) is set to accept Dogecoin for the sale of its merchandise. Shares closed up 1.8% at $1,049.61 on January 14, partly on the news that several Indian ministers had invited CEO Elon Musk to set up shop in India.
Accepting Dogecoin for Merchandise
On Friday, Musk tweeted, “Tesla merch buyable with Dogecoin.” The news sent the digital currency Dogecoin up to $0.20. Tesla sells different merchandise including Giga Texas belt buckles, portable chargers, mini-vehicle models, clothes, mugs, and many more.
Tesla had earlier started accepting bitcoin for the sale of its electric vehicles in mid-2021, but halted it temporarily due to the environmental impact of crypto mining. Musk has assured that TSLA would resume accepting the cryptocurrency after thorough due diligence on the minimal environmental impact.
Musk is an avid fan of cryptocurrencies, especially bitcoin, and holds significant holdings of the same. He has even confirmed holding smaller portions of Ethereum and Dogecoins.
Recently, RBC Capital analyst Joseph Spak lifted the price target on the stock to $1,045 (almost fully valued at current levels) from $1,005, while maintaining a Hold rating.
Overall, the stock has a Moderate Buy consensus rating based on 16 Buys, 9 Holds, and 6 Sells. The average Tesla price target of $1,050.43 implies that shares are almost fully valued at current levels.
TipRanks data shows that financial blogger opinions are 73% Bullish on TSLA, in line with the EV stocks sector average of 73%.
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