Dogecoin to be accepted for Tesla merchandise, says Elon Musk

Elon Musk has moved the crypto markets again after announcing on Twitter that Tesla will accept Dogecoin as payment for merchandise.

The billionaire has often declared his fondness for the ‘joke meme coin’, occasionally causing its price to surge. And today was no exception – Doge leapt almost 30% in a matter of minutes following the tweet.

Dogecoin’s recent price boost, per TradingView

The 50-year-old had previously accepted Bitcoin for Tesla before a spectacular u-turn in May due to his concerns about the use of fossil fuels for Bitcoin mining.

“Cryptocurrency is a good idea… but this cannot come at great cost to the environment,” he said at the time.

That decision caused Bitcoin’s price to fall by more than 10%.