Much Doge So Tesla. Wow.
Tesla CEO Elon Musk announced Tuesday the company would allow customers to purchase merchandise with the Dogecoin cryptocurrency.
"Tesla will make some merch buyable with Doge & see how it goes," Musk tweeted on Tuesday.
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Tesla will make some merch buyable with Doge & see how it goes— Elon Musk (@elonmusk) December 14, 2021
Musk did not say when products would be purchasable with the joke cryptocurrency or what merchandise would be available.
Dogecoin's value spiked more than 20% after Musk's tweet, going from $0.16 per coin to $0.19 per coin as of 11 a.m. Tuesday.
Others are less than impressed with the move.
"This is more or less noise at Tesla," Tom Martin, senior portfolio manager at Globalt Investments, told Reuters. "I view it as being mercurial or just making fun."
Since Dogecoin's creation in 2013, inspired by the 2010s doge meme, the cryptocurrency has had a tumultuous history. Initially gaining value in 2017, the coin dropped significantly in value in 2018, reaching an estimated worth of a fraction of a cent.
But Musk has regularly expressed a fondness for the cryptocurrency, tweeting about it several times in 2021. These approving tweets led to scores of people purchasing Dogecoin, sending the currency's value up in a surge.
Musk's tweets have also influenced other cryptocurrencies, causing plunges and surges in value in the short term.
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Tesla has accepted cryptocurrency before. Musk said in February that Tesla would accept Bitcoin as a form of payment for Tesla products, only to stop accepting it in May due to Bitcoin's high fossil fuel use.
Time Magazine named Musk its 2021 Person of the Year on Monday.