Tesla CEO Elon Musk said the electric-car maker will take dogecoin as payment for its merch, causing the cryptocurrency to soar by as much as 33%.

Elon Musk’s Revelation Sends Dogecoin Up 30%

Prior to Musk’s revelation, the price of Dogecoin was declining, but it immediately soared by as much as 30%. According to cryptocurrency statistics website Coinmarketcap, it was recently up 26% at $0.2092.

Musk said in a tweet:

“Tesla will make some merch buyable with Doge & see how it goes.

The Tesla CEO has long been a backer of dogecoin, a cryptocurrency based on a Japanese Shiba Inu dog that was created as a joke in 2013.

Tesla sells t-shirts, ‘Giga Texas’ belt buckles, and miniature models of its vehicles, as well as unique limited-edition items like the ‘Cyberwhistle,’ which is based on the company’s much-anticipated Cybertruck. It just released a kid’s quad bike called the ‘Cyberquad,’ which is based on the truck.

In a Twitter poll in May, Musk asked people if they wanted Tesla to accept dogecoin. During his guest-hosting stint on the “Saturday Night Live” comedy sketch TV show in May, he referred to dogecoin as a “hustle.”

Related Article | Dog Eat Dog: Elon Musk Leaving Doge Behind For New Dog Coin?

Musk stated in a May tweet that he was collaborating with dogecoin developers to increase the system’s efficiency. Dogecoin prices soared by 22% as a result. Then, in June, he tweeted that it was “critical to support” a proposal to lower Dogecoin fees, making the cryptocurrency more competitive with other cryptocurrencies.

Musk, who has…

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