Elon Musk to Accept Dogecoins for Select Tesla Products, Crypto Climbs

The dogecoin benefits again on Friday from a tweet from Tesla boss Elon Musk, who announced that he would accept payments for certain Tesla-branded products with this canine cryptocurrency.

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“Tesla derivative products (Tesla merch) can be purchased in dogecoin,” said the billionaire on Friday, without specifying which range would be affected.

Enough to revive this cryptocurrency created as a parody in 2013: according to the CoinGecko site, which lists more than 12,000 cryptocurrencies, dogecoin took 12.8% on Friday, and its market theoretically represents more than 26 billion dollars, making the 11th most important cryptocurrency.

Multi-billionaire Elon Musk regularly shares his opinion on cryptocurrencies on social media, which in 2021 created marked price movements in this ultra-volatile market.

He had thus announced that Tesla had invested part of its cash in bitcoins, and that its electric vehicles would be available for purchase with this cryptocurrency, before canceling this measure, saying that he was worried about their ecological impact.

When he was named in December person of the year 2021 by the magazine TimeElon Musk had felt that bitcoin was a good way to store value, but that dogecoin, “even though it was created as a joke, is a better medium of exchange”.

If Elon Musk’s tweet allowed dogecoin to return to a level not seen since December, nearly 20 cents for a dogecoin, the cryptocurrency market as a whole is having a difficult start to the year.

Overall, this market is currently worth just over $2.1 trillion, up from over $3 trillion at its peak in November, according to data from CoinGecko.

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