Elon Musk now allows Dogecoin users to purchase Tesla merchandise, boosting the meme-based cryptocurrency’s value.

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Elon Musk now allows Dogecoin users to purchase Tesla merchandise, causing the meme-based cryptocurrency’s value to skyrocket.

Elon Musk, the CEO of Tesla, announced that customers can now purchase certain items with Dogecoin, causing the cryptocurrency to skyrocket.

Following the announcement on Friday, the meme-based cryptocurrency increased by 18%.

Musk tweeted on Friday, “Tesla merch can be purchased with Dogecoin.”

The Cyberquad for Kids (12,020 Doge, or about (dollar)2,320), the Giga Texas Belt Buckle (835 Doge, or about (dollar)161), and the Cyberwhistle (300 Doge, or about (dollar)58) are all items that can be purchased with Dogecoin.

In a mid-December tweet, Musk first announced that Dogecoin would be used as a test currency for merch.

The meme-based cryptocurrency’s value soared by more than 20% as a result of the announcement.

It’s unclear whether Doge, Musk’s “favorite crypto,” would ever be used to purchase Telsa Vehicles.

In February 2021, Tesla accepted Bitcoin as a form of payment for a little more than a month before discontinuing the practice due to concerns about Bitcoin’s environmental impact.

“Cryptocurrency is a good idea on many levels, and we believe it has a promising future,” Elon Musk said in a statement. “However, this cannot come at the expense of the environment.”

Dogecoin mining, on the other hand, consumes a fraction of the energy that Bitcoin does, but that doesn’t mean it won’t one day, according to TRG Datacenters.

Musk has been a vocal supporter of the meme-based cryptocurrency, and he even plans to launch a SpaceX satellite named DOGE-1 to the moon in the near future.

In October, Musk told CNBC that “a lot of people I talked to on the Tesla production lines or building rockets at SpaceX own Doge.”

“They aren’t financial advisors or Silicon Valley techies.”

That’s why he chose to support Doge, which he describes as “the people’s crypto.”

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