Tesla CEO and billionaire Elon Musk moved Dogecoin prices this week after announcing that the car giant will accept the cryptocurrency as payment for merchandise.
Customers are not allowed to purchase Tesla electric vehicles with the currency, but they can buy some collectible items: a “cyberwhistle,” a “Giga Texas” belt buckle, and a “cyberquad” four-wheeler for kids.
He first shared the news on December 14. 2021, saying that Tesla would “see how it goes”.
After an ascent in Dogecoin prices last week, the cryptocurrency lost its six per cent gain on Monday followed by four per cent loss on Tuesday.
Musk is an avid backer of Doge, tweeting in May: “Working with Doge devs to improve system transaction efficiency. Potentially promising.”