Dogecoin surges after Elon Musk tweets ‘purchasable’ Tesla merchandise with the token

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The meme-based cryptocurrency Dogecoin surged on Friday after Tesla chief Elon Musk said the electric car maker would accept it as payment for merchandise.

“Tesla merch purchasable with Dogecoin,” Musk tweeted.

His mid-December tweet saying that such use of Dogecoin will be allowed as a test sent the cryptocurrency up over 20%. Dogecoin price in India was Rs. 15.02 as of 4:30 PM IST on 14th January.

Dogecoin, popular among retail investors, rose 18% to over $0.2 (about Rs.14) after Friday’s tweet.

Musk’s tweets about cryptocurrency, including one where he called it the “people’s crypto,” have supported the meme coin and pushed it up around 4,000% in 2021.

In other Tesla-related news, Musk tweeted on Jan. 13 that Tesla is “still working on many challenges with the government” in India. Musk said this in response to a question about when he would launch his electric cars in the country.

Tesla planned to start selling imported cars in India last year and lobbied the government to reduce import taxes on electric vehicles (EVs) before they hit the market. In October, he took his demands to Indian Prime Minister Narendra Modi’s office.

Musk did not identify the “challenges” he is working on in his Twitter post.

© Thomson Reuters 2022


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