Dogecoin rose to $0.20, a 15% increase in value, after billionaire Elon Musk announced that Tesla would accept cryptocurrencies to buy goods.
The shiba inu dog meme cryptocurrency originally started out as a joke, but Musk’s various tweets about it have helped Dogecoin surge 5,859% over the past 12 months, according to Coinbase. Tesla’s website began accepting Dogecoin soon after, with items like a kids’ electric quad priced at 12,020 Doge ($2,368), the “Giga Texas Belt Buckle” for 835 Doge ($156), and a whistle for 300 Doge ( $57).
Elon Musk’s history with Dogecoin
This is just one of many tweets from Musk regarding Dogecoin, the first being posted on December 20, 2020 when he tweeted, “One word: Doge.” Shortly after his tweet, the value of Dogecoin increased by 20%.
Musk followed up that post with a spate of Dogecoin-related tweets in February 2021, including: “Dogecoin is the people’s crypto” and “no ups, just Doge.” After these tweets, the value of Dogecoin skyrocketed by around 40%.
After a full year of supporting Dogecoin, on December 14, Musk said that Tesla would accept cryptocurrencies to pay for merchandise. Dogecoin surged more than 20% after his tweet.
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