Dogecoin spikes after Elon Musk says crypto can be used to buy Tesla stuff

admin January 14, 2022 0

 

 Tesla chief Elon Musk said Friday that the electric car maker will accept the cryptocurrency Dogecoin as payment for its merchandise.

"Tesla merchandise can be purchased with Dogecoin," Musk tweeted.

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Tesla merch buyable with Dogecoin

— Elon Musk (@elonmusk) January 14, 2022

Meme-based crypto jumped on Friday as much as 14 percent in 24 hours, according to prices from Coinmarketcap.

Musk has been hinting at the move for some time. The Tesla chief referred to the Doge as the "crypto of the people" in a tweet in 2021, causing it to jump about 4,000 percent.

In December, Musk said in a tweet that Dogecoin would be allowed on a test basis to buy its merchandise. The news sent the cryptocurrency up more than 20 percent. 

What is Dogecoin?

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Dogecoin was created as an early joke by two software engineers, who made fun of the cryptocurrency's wild speculation. Doge is considered the first "Meme coin".

Tesla chiefs previously referred to Doge as "the crypto of the people".

Dogecoin was created as an early joke by two software engineers, who made fun of the cryptocurrency's wild speculation. Doge is considered the first "Meme coin".

He added that unlike Bitcoin, which investors hold instead of selling, Dogecoin is a currency that “encourages people to spend, rather than hoard as a store of value”.

Dogecoin co-creator Billy Markus tweeted on Friday an image that appears to show Cyberwhistle is available for 300 Dogecoins.

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yo

it's happening!#dogecoin #doge4teslahttps://t.co/aYKGdYjJ5h pic.twitter.com/271DIW8oFJ

— Shibetoshi Nakamoto (@BillyM2k) January 14, 2022