Dogecoin rose 33% after Tesla CEO Elon Musk said the electric carmaker would accept dogecoins as payment for its merchandise.
“Tesla will make some merch buyable with Doge & see how it goes,” Musk tweeted.Dogecoin prices rose to as high as $0.20 following Musk’s tweet. They fell to $0.18 after the initial spike.
Tesla will make some merch buyable with Doge & see how it goes
— Elon Musk (@elonmusk) December 14, 2021
Musk, the founder of Tesla and space exploration firm SpaceX, has previously lent support to Dogecoin development and adoption even as the memecoin’s creators abandoned the project back in 2015.
UPDATE (Dec. 13, 11:00 UTC): Adds tweet.