Elon Musk stated that Tesla would take Dogecoin to pay items, sending the meme-crypto up 13%.
Musk, the world’s wealthiest man, turned to Twitter to announce that Dogecoin may now be used to “buy” products from his electric vehicle firm.
After the news, Dogecoin’s price jumped from daily lows of $0.16 to highs of $0.20, making it the world’s 11th largest crypto project by market value.
The Tesla shop now shows prices in both dollars and dogecoins. For example, the Cyberquad, a steel four-wheel bike for children, costs 12,020 DOGE ($2,296). For 835 DOGE, you can have a Giga Texas Belt Buckle, and for 300 DOGE, you can get a stainless steel whistle called the Cyberwhistle.
On Twitter, Dogecoin’s creator, who goes under the moniker Shibetoshi Nakamoto, a play on the identity of Bitcoin’s pseudonymous inventor, hailed the news by posting a photo of the Tesla Cyberwhistle.
Jackson Palmer and Billy Markus co-founded Dogecoin in 2013. The currency began as a joke, but it grew in popularity throughout 2021, largely to Elon Musk, who has regularly praised it.
Musk’s tweets on cryptocurrencies, including one he referred to as the “people’s crypto,” boosted the meme coin’s value by about 4,000 percent in 2021.
In May, Dogecoin hit an all-time high of $0.73 but has since lost over three-quarters of its value.