On Friday, Dogecoin, a meme-based cryptocurrency, skyrocketed when Tesla CEO Elon Musk revealed that it will accept it as payment for things. “Tesla goods may be purchased with Dogecoin,” Musk tweeted.
His tweet in mid-December, in which he stated that such use of Dogecoin will be allowed on a trial basis, drove the cryptocurrency up more than 20%. Dogecoin, a popular cryptocurrency among retail investors, jumped 18 percent to above $0.2 after Friday’s post.
Musk’s tweets regarding cryptocurrencies, including one in which he referred to the meme currency as the “people’s crypto,” raised its value by about 4,000.
Tesla said last year that it will begin selling imported cars, and the business has been lobbying the government to reduce import levies on electric vehicles (EVs) before entering the market. Musk did not define the “challenges” being worked on in his Twitter remark.