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Tesla Fans, Elon Musk Has Good News For You If You Love Dogecoin

Photoshopped Image of Elon Musk holding 'doge'. Photo posted on Twitter by Elon Musk.

Photoshopped Image of Elon Musk holding 'doge'. Photo posted on Twitter by Elon Musk.

Dogecoin, popular among retail investors, raced up 18 percent to above $0.2 (roughly Rs 14) after Elon Musk's tweet.

Meme-based cryptocurrency Dogecoin jumped on Friday after Tesla CEO Elon Musk said the electric carmaker will accept it as payment for merchandise. “Tesla merch buyable with Dogecoin," Musk tweeted. His mid-December tweet saying such use of dogecoin will be allowed on a test basis sent the cryptocurrency up more than 20 percent.

Dogecoin, popular among retail investors, raced up 18 percent to above $0.2 (roughly Rs 14) after Friday’s tweet. Musk’s tweets on the cryptocurrency, including the one where he called it the “people’s crypto", buoyed the meme coin and caused it to soar roughly 4,000 percent in 2021.

Dogecoin is a cryptocurrency invented by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system. Nearly 113 billion coins have already been mined.

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Musk had earlier confirmed that the company is “most likely" going to resume taking Bitcoin payment after some due diligence on the improvements in the energy mix used to mine the cryptocurrency.

“I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50 per cent, and that there is a trend toward increasing that number, and if so Tesla would resume accepting bitcoin," Musk said.

(With inputs from Reuters and IANS)

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first published:January 14, 2022, 15:07 IST