Value of cryptocurrency Dogecoin surges amid Tesla merch announcement

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The value of meme-based cryptocurrency Dogecoin has soared after Elon Musk confirmed it could be used to purchase Tesla merch, Bloomberg reports.

Musk made the announcement on social media, which saw the price of Dogecoin jump almost 12% on Friday (January 14th), Forbes reports.

Here’s a look at some of the Tesla merch you can buy using the cryptocurrency.

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Photo by Theo Wargo/Getty Images for TIME

What is Dogecoin?

Meme-based Dogecoin was initially created as a “lighthearted alternative” to traditional cryptocurrencies such as Bitcoin.

Dogecoin is based on the ‘Doge Meme”, stemming from images of Shiba Inus, and was launched “as a joke” by software developers Billy Marcus and Jackson Palmer in late 2013.

According to Coinbase, Dogecoin became one of the ten biggest cryptocurrencies by market cap, with a total value that has topped $50 billion.

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Tesla merch buyable with Dogecoin

— Elon Musk (@elonmusk) January 14, 2022

Elon Musk makes Tesla merch announcement

Taking to Twitter, Elon Musk tweeted: “Tesla merch buyable with Dogecoin.”

Tesla’s online store now stocks a range of merchandise offering ‘DOGE’ pricing. For example, the Giga Texas Belt Buckle is available for 835 DOGE, while the Cyberwhistle is on sale for 300 DOGE. Merch can also be bought using US dollars.

When Musk last month revealed Tesla would shortly accept Dogecoin for some items, the token’s value surged almost 20 per cent in an hour, Forbes reports.

At one point on Friday (January 14th), following Elon Musk’s tweet, Dogecoin traded just above $0.2.

Tesla previously accepted Bitcoin

Tesla’s affiliation with cryptocurrency comes as no surprise given the company previously accepted Bitcoin as payment for its electric vehicles.

According to Forbes, Bitcoin is the world’s most valuable cryptocurrency by market cap. However, in May 2021 Elon Musk announced Tesla would stop accepting Bitcoin. Its value soon plunged.

Musk took to Twitter at the time to explain: “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.

“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment.”

PLEASE NOTE: Our publications do not offer investment advice and nothing in them should be construed as investment advice. The information contained in our publications is not, and should not be read as, an offer or recommendation to buy or sell or a solicitation of an offer or recommendation to buy or sell any securities.

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