Dogecoin Sees Price Hike After Ferrari Adds it to List of Accepted Cryptocurrencies for Payment

Ferrari, that has recently been making pro-crypto strides as part of its operations, has a new announcement. After opening payments in Bitcoin, Ether, and USD Coin in the US – the Italian luxury carmaker has decided to add Dogecoin to the list of cryptocurrencies it will accept as payments for its high-end cars and merchandises in the US. The news has had a positive development in-terms of DOGE pricing. On Tuesday, Dogecoin reflected a profit of two percent to trade at $0.088 (roughly Rs. 7.30).

Enrico Galliera, the Chief Marketing and Commercial Officer or Ferrari, disclosed this fresh development reportedly during an interview this week. The main reason why Ferrari now accepts DOGE payments, Galliera said, is to adhere to requests from customers and dealers.

The news has met with a positive response from the members of the international crypto community, multiple posts on X show.

Ferrari does not plan to levy any extra fee or charge to those buying its cars via cryptocurrencies. BitPay has been chosen by Ferrari as its payment gateway to process crypto transactions in the US. The BitPay app lets merchants accept crypto payments and convert them into fiat currencies for Ferrari dealers in the US.

As far as Dogecoin is concerned, the memecoin has managed to stay stable for the last few months. Neither has it recorded a significant rise in its prices lately, nor has DOGE tumbled drastically. In the last seven days, the value of Doge has risen by over five percent. The tenth largest crypto by market cap has a current valuation of $12.44 billion (roughly Rs. 1,03,205 crore).

The cryptocurrency is also used as a payment method for luxury brands like watchmaker Tag Heuer and apparel-maker Gucci. US-based movie theatre chain AMC Theatres also accepts Dogecoin as a payment option for film tickets.

The most recent development that spiked the price of Dogecoin was in August 2023 when Elon Musk, an avid supporter of Dogecoin, acquired a currency transmitter licence for X. This licence gives a company the right to facilitate custody, transfer, and exchange of digital currencies. At the time, DOGE had risen in pricing by three percent and was trading at $0.066 (roughly Rs. 5.42).