Musk tweets Tesla to just accept Dogecoin for swag

A day after being named Time’s 2021 Individual of the 12 months, Tesla CEO Elon Musk tweeted that the electrical automotive firm will make merchandise buyable with Dogecoin “and see the way it goes.” The cryptocurrency rose 31% instantly after the tweet.

Quick information

  • Inside two hours of his 5:34 a.m. ET tweet, the worth of Dogecoin rose from 16 US cents to 21 US cents with quantity growing 250% from US$995 million to US$3.5 billion, in keeping with Coingecko.
  • Elon Musk has a protracted historical past of supporting Dogecoin by tweet, and even getting chastised by others within the crypto neighborhood for cheerleading a meme coin — initially produced as a satire — over established cash like Bitcoin.
  • Earlier this 12 months, Musk introduced Tesla would settle for Bitcoin for cost after which retracted his assertion when it was criticized as hypocritical since Tesla reduces gasoline consumption, aiding the struggle towards local weather change, whereas Bitcoin requires super vitality to mine.

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