Dogecoin Climbs By More Than 20% as Elon Musk Tweets About Tesla Acceptance

• Dogecoin jumped by more than 20% on Tuesday after Elon Musk tweeted about Tesla accepting it as payment for merchandise

• Musk has frequently hyped month meme cryptocurrency, calling it his favorite digital coin earlier this year

• Doge reached an all-time high of $0.74 in May 2020 but is currently trading at $0.1793

Meme cryptocurrency dogecoin pumped as much as 23% on Tuesday after billionaire Elon Musk disclosed that Tesla would accept it as payment for some merchandise.

The Tesla CEO tweeted from his official Twitter account saying:

“Tesla will make some merch buyable with Doge & see how it goes,”

Musk has frequently thrown his support behind dogecoin, calling it his favorite cryptocurrency during an appearance on NBC’s “Saturday Night Live.

During an interview with Times on Monday, the world’s richest man also claimed that Dogecoin is better for payments than Bitcoin.

Doge was initially created as a joke by Billy Markus and Jackson Palmer in 2013 imitating flagship cryptocurrency Bitcoin.

The coin witnessed great success this year, fueled by frequent tweets from Elon Musk and increasing interest from investors.

From being worth only a fraction of a penny in January, the coin jumped to an all-time high of 74 cents in May.

It has since plummeted sharply and is currently worth $0.1793, according to data from CoinMarketCap.

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