Elon Musk's Favorite Cryptocurrency Dogecoin jumps 16% on Tesla Announcement

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Elon Musk's Favourite Cryptocurrency Dogecoin jumps 16% on Tesla Announcement

 

The price of Dogecoin cryptocurrency jumped as much as 16% to Rs 14.96 today (January 14). The sudden hike in prices of the popular 'meme coin' came after Tesla CEO Elon Musk announced that customers can now purchase merchandise from the electric car manufacturer using Dogecoin (DOGE).

"Tesla merch buyable with Dogecoin," Musk said in tweeted on Friday. The announcement brought much joy to Dogecoin fans.

Currently, Tesla sells products such as the "Cyberwhistle" and "Cyberquad for Kids". These products can now be bought using cryptocurrency, according to the Tesla website. 

However, Musk had made the initial announcement about Tesla accepting dogecoin as payment for merchandise in December. At that time, he had said that the electric carmaker will accept dogecoin as payment for merchandise on a test basis.

Previously, the Tesla chief had also announced that the carmaker would accept Bitcoin, the most popular and widely accepted cryptocurrency, as a payment mode to purchase electric cars. The news led to a pump in the prices of the popular coin. 

Also Read: Shiba Inu Price Prediction for 2022 

However, a few days later he made a u-turn from his decision and said that Tesla won't accept Bitcoin as a mode of payment for the purchase of electric cars. The announcement led to a crash in the price of the digital coin. At that time, he had cited climate change as the main reason who Tesla discontinued accepting Bitcoin for payments.

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