Value of Dogecoin ‘electrified’ after Tesla accepts it as payment

He confirmed the move via Twitter on Friday: “Tesla merch buyable with Dogecoin”.

The value of the digital coin rose 18 per cent to US$0.20 after the reveal on Friday but had slid back to $0.19 at 1pm on Saturday.

Dogecoin was launched in 2013 as a joke to parody the cryptocurrency craze. However, its value rocketed 4,000 per cent last year after Musk promoted it as the “people’s crypto” and said his space exploration company, SpaceX, would accept it as payment.

Dogecoin is currently the only cryptocurrency accepted by Tesla.

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