Dogecoin jumps after Elon Musk says its can be used to buy Tesla merch

SpaceX owner and Tesla CEO Elon Musk arrives on the red carpet for the Axel Springer Award 2020 on December 01, 2020 in Berlin, Germany.

Britta Pedersen | Getty Images

The price of dogecoin jumped more than 15% on Friday before paring gains after Tesla began accepting the cryptocurrency as payment for some merchandise.

Early Friday, Tesla CEO Elon Musk said on Twitter that the electric carmaker’s merchandise can be purchased with dogecoin.

Dogecoin topped $0.20 a coin at around 01:19 ET before paring some of those gains, according to Coindesk data. It was up more than 9% at $0.18 at 07:06 ET.

Only a small number of items were buyable with the cryptocurrency, which originally started life as a joke coin.

A whistle shaped like Tesla’s Cybertruck costs 300 doge, which is equivalent to about $59 at the time of writing. A commemorative belt buckle to celebrate Tesla’s Gigafactory in Texas was going for 835 doge, or about $164.

Plans to accept dogecoin as payment have been in the works for a while. In December, Musk tweeted that “Tesla will make some merch buyable with Doge & see how it goes.”

No returns with dogecoin

Correction: This story has been updated to reflect that Elon Musk tweeted on Friday.

This news is republished from another source. You can check the original article here

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