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Dogecoin jumps after Elon Musk tweets ‘Tesla will make some merch buyable with Doge’

Dogecoin, a meme-based cryptocurrency, surged by more than 20% in trade on December 14, 2021, after Elon Musk, CEO and Founder of Tesla, announced on Tuesday that the electric car manufacturer would accept dogecoins for merchandise payments on a trial basis.

Tesla will make some merch buyable with Doge: Elon Musk

After the tweet of Tesla CEO Elon Musk, Dogecoin, a popular cryptocurrency among retail investors, soared to $0.20. Tesla’s founder tweets about cryptocurrency, including one in which he referred to it as the “people’s crypto,” have helped the meme coin soar 5,859 percent in the last year, according to Coinbase data.

Elon Musk, the billionaire, wrote in a tweet “Tesla will make some merch buyable with Doge & see how it goes”. The cryptocurrency’s low/high price in the last 24 hours has been $0.152/$0.2129, while its previous closing price on December 13 was $0.1576, according to data. At around 9:40 p.m. (IST), the cryptocurrency had gained more than 20% and was trading at $0.1923.

Musk loves dogecoin

Previously, Elon Musk came out in support of Dogecoin’s development and adoption, despite the fact that its creators abandoned the project in 2015. He has influenced the cryptocurrency through his regular tweets about it. In February of this year, he posted a photo of a rocket next to the moon, followed by a one-word tweet that said ‘Doge’- an interpretation of the saying ‘going to the moon’ that means asset price gains in this country.

Later that month, Elon Musk announced via Twitter that he is collaborating with Dogecoin developers to improve system efficiency. Following that, in June, he tweeted that it is ‘critical to support’ a plan to reduce Dogecoin fees.

The crypto market has seen sharp fluctuations this year, as Musk frequently mentions in his tweets, and dogecoin has seen a whopping 3935 percent increase in value year to date.

About the author

Jike Eric

Jike Eric has completed his degree program in Chemical Engineering. Jike covers Business and Tech news on Insider Paper.

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