Value of Dogecoin ‘electrified’ after Tesla accepts it as payment
The value of Dogecoin jumped 18 per cent on Friday after Tesla CEO Elon Musk tweeted the electric car maker will accept the cryptocurrency for payment.
Musk had previously teased the offer on December 14, saying: “Tesla will make some merch buyable with Doge & see how it goes”.
He confirmed the move via Twitter on Friday: “Tesla merch buyable with Dogecoin”.
The value of the digital coin rose 18 per cent to US$0.20 after the reveal on Friday but had slid back to $0.19 at 1pm on Saturday.
Dogecoin was launched in 2013 as a joke to parody the cryptocurrency craze. However, its value rocketed 4,000 per cent last year after Musk promoted it as the “people's crypto” and said his space exploration company, SpaceX, would accept it as payment.
Dogecoin is currently the only cryptocurrency accepted by Tesla.
Last year, Musk also spurred a jump in the value of bitcoin after revealing to his huge online following that he had invested in the cryptocurrency.