Dogecoin surges after Elon Musk says crypto can be used to buy Tesla products

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Tesla chief Elon Musk said on Friday that the electric car maker will accept Dogecoin cryptocurrency as a form of payment for its goods.

“Tesla merch purchasable with Dogecoin,” Musk tweeted.

The memes-based crypto jumped 14% in 24 hours on Friday, according to prices from Coinmarketcap.

Musk has been alluding to the move for some time. The Tesla chief called Doge a “people’s crypto” in a tweet in 2021, which sent him soaring by around 4,000%.

In December, Musk said in a tweet that Dogecoin would be allowed, as a test, to buy its merchandise. The news sent the cryptocurrency soaring by more than 20%.

What is Dogecoin?

Dogecoin was created as an initial joke by two software engineers, who laughed at the savage speculation in cryptocurrencies. Doge is considered the first “Meme coin”.

The Tesla chief previously referred to Doge as “the people’s crypto”.

Dogecoin was created as an initial joke by two software engineers, who laughed at the savage speculation in cryptocurrencies. Doge is considered the first “Meme coin”.

He added that unlike Bitcoin, which investors cling to instead of selling, Dogecoin is a currency that “encourages people to spend, rather than sort of hoarding as a store of value.”

Dogecoin co-creator Billy Markus tweeted an image on Friday that appears to show a Cyberwhistle available for 300 Dogecoin.

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