Elon Musk’s favorite Dogecoin has zoomed as much as 25 percent in the last 24 hours, after a tweet from the electric-car maker’s boss, which says the company is accepting digital currency Dogecoin to buy Tesla’s merchandise.
Musk had tweeted in December saying Tesla will accept dogecoin as payment for merchandise on a test basis. Tesla Inc merchandise can be bought using the digital currency dogecoin, the electric-car maker’s Chief Executive Officer Elon Musk said in a tweet on Friday. Products such as the “Cyberwhistle” and “Cyberquad for Kids” could be bought using the cryptocurrency, according to the Tesla website.
Musk is known for influencing the value of dogecoin through his remarks on social media. His tweets in the past, including the one where he called it the “people’s crypto”, have helped the meme coin soar 5,859 percent over 2021, according to data from the Coinbase website.
Musk, who was named as Time magazine’s Person of the Year for 2021, had in October, reiterated his holdings which are limited to Bitcoin, Ethereum, and Dogecoin. He closely watches the cryptocurrency space and tweets his observations regularly. In an interview with Time, the Tesla and SpaceX chief said when it comes to transactions per day, Dogecoin is a better currency.
Last year one of his tweets that referred the cryptocurrency as people’s currency made the digital currency soar by 4,000 percent. Billy Markus, Dogecoin’s co-creator, tweeted earlier Friday with an image that appeared to show a Cyberwhistle available for a price of 300 Dogecoin.
Last year, several of Musk’s tweets pushed virtual currencies such as Bitcoin and Dogecoin on a rollercoaster ride. The Tesla CEO has advocated himself as a supporter of digital currencies. Earlier last year, he also said that Tesla will accept Bitcoin as payment for its electric vehicles. However, later Musk went back on his word citing environmental concerns that arise while processing digital currencies.
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