A recent update from Elon Musk's Tesla states that Dogecoin can now be used as a payment method for purchasing Tesla products. Following this announcement, the price of DOGE has surged by over 20%, marking an impressive rally.

Elon Musk, a known supporter of Dogecoin and the CEO of Tesla, has made it possible to pay for certain Tesla products with Dogecoin, as mentioned in the FAQs section on the Tesla website.

This decision comes shortly after Musk hinted at the potential inclusion of Dogecoin as an official payment option for Tesla vehicles in the future.

In response to this development, traders have reacted quickly, leading to a significant increase in the price of DOGE by more than 20% within the last 24 hours, reaching a value of $0.16 per coin.

Despite the excitement within the cryptocurrency community, Tesla has not yet officially confirmed if Dogecoin can be used as payment for Tesla cars.