Dogecoin jumps after Musk tweets Tesla merchandise ‘buyable’ with the token

CNA – Meme-based cryptocurrency dogecoin jumped yesterday after Tesla Inc chief Elon Musk said the electric carmaker will accept it as payment for merchandise.

“Tesla merch buyable with Dogecoin,” Musk tweeted.

His mid-December tweet saying such use of dogecoin will be allowed on a test basis sent the cryptocurrency up more than 20 per cent.

Dogecoin, popular among retail investors, raced up 18 per cent to above USD0.2 after yesterday’s tweet.

Musk’s tweets on the cryptocurrency, including the one where he called it the “people’s crypto”, buoyed the meme coin and caused it to soar roughly 4,000 per cent in 2021.

Representation of cryptocurrency Dogecoin. PHOTO: CNA