Elon Musk Reveals Tesla Will Accept Dogecoin For Merch

A cryptocurrency based on the famous "doge" meme featuring a surprised Shiba-Inu, Dogecoin was introduced in 2013 and had reached a market capitalisation of over $85 billion as of May 2021.

Elon Musk announced on his Twitter that his company Tesla is going to allow payments in Dogecoin for its merchandise - and immediately the meme-based cryptocurrency's price went skyrocketing.

Musk, who is famously keen on cryptocurrency, said that Tesla "will make some merch buyable with Doge" and "see how it goes".

Dogecoin jumped 24% to $0.195 shortly after his announcement, with its fans rejoicing in Musk's comments.

The price of Doge is up 24% after this tweet pic.twitter.com/BpPct650Px

— Fintwit (@fintwit_news) December 14, 2021

Tesla offers its fans a wide choice of different merchandise, predictably starting with car accessories and finishing with belt buckles, drinkware, clothes, and toys. Musk has not specified which items will be made available for payments in Doge.

Earlier, the billionaire said that Tesla would stop accepting bitcoin for car purchases, with the venture having lasted for some two months.

However, he did not give up on his passion for cryptocurrency, famously shaking the market with his tweets alone. Dogecoin - a currency that was initially an ironic parody of bitcoin - appears to be one of Musk's favourites. As of early May 2021, it had reached a market capitalisation of over $85 billion and secured a large and dedicated online community.

The billionaire's love for cryptocurrency, along with his endeavours in space and technology, secured him a nod from Time Magazine, with the outlet naming Musk Person of the Year on Monday.