Dogecoin spikes after Musk says Tesla will accept it



Here we go again.

Tesla CEO Elon Musk sent crypto investors into a frenzy early Tuesday morning with a tweet that his electric car company will accept dogecoin for the purchase of some merchandise.

“Tesla will make some merch buyable with Doge & see how it goes,” Musk tweeted at 5:34 a.m. ET.

It’s not clear exactly what items customers will be able to purchase with the meme-inspired cryptocurrency.

On its website, Tesla lists numerous apparel and lifestyle products, including a $50 whistle, a new $150 belt buckle and an all-electric “cyberquad,” which is like an ATV meant for kids.

The price of dogecoin soared nearly 20 percent to $0.20 per coin on the news.

Musk — who on Monday was named Time Magazine’s 2021 Person of the Year — has been a vocal advocate for cryptocurrencies, especially dogecoin, which was created as a joke in 2013 as a way to poke fun at the hype around bitcoin and the other cryptocurrencies at the time.

Musk attends TIME Person of the Year on Dec. 13.
Musk attends TIME Person of the Year on Dec. 13.
Getty Images for TIME

Musk, who boasts a net worth of some $254 billion, has previously called dogecoin “the people’s crypto” and has said that he’s working with software developers behind the digital currency to improve on it, making transactions faster and more environmentally sound.

Musk and his son on stage at TIME's Person of the Year event on Monday.
Musk and his son on stage at TIME’s Person of the Year event on Monday.
Getty Images for TIME

The tech billionaire has previously criticized bitcoin for its outsized environmental impact, which prompted him to stop accepting the crypto for Tesla payments after saying the company would do so earlier this year.

Dogecoin's steep hike in the aftermath of Musk's tweet.
Dogecoin’s steep hike in the aftermath of Musk’s tweet.

Earlier this year, Musk moved crypto markets regularly through his tweets, with the hype culminating in his appearance on “Saturday Night Live” where he delivered a light-hearted speech about dogecoin.


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