Elon Musk, the CEO of Tesla, said on Friday that the electric carmaker will accept Dogecoin as payment for its products. Musk tweeted, “Tesla goods can be purchased with Dogecoin.” According to Coinmarketcap prices, the meme-based cryptocurrency gained as much as 14% in 24 hours on Friday.
Musk has been hinting at the move for a while now. In a tweet in 2021, Tesla CEO Elon Musk dubbed Doge the “people’s crypto,” prompting it to skyrocket by more than 4,000%. Musk announced in a tweet in December that Dogecoin would be permitted to purchase products on a trial basis. The announcement caused the cryptocurrency to rise by more than 20%.
Dogecoin was founded as a joke by two software programmers who were mocking the frenzied cryptocurrency speculation. The Doge is regarded as the first “Meme coin.” Doge has been dubbed the “people’s crypto” by Tesla’s CEO. Dogecoin began as a prank by two software developers mocking the frenzied cryptocurrency speculation.
The Doge was the first “Meme coin.”
He went on to say that, unlike Bitcoin, Dogecoin is a currency that “encourages individuals to spend, rather than hoard as a store of value.” Billy Markus, one of the co-founders of Dogecoin, posted a photograph on Friday that purports to display a Cyberwhistle for 300 Dogecoin.