Dogecoin value increased after Elon Musk tweeted that it can be used to purchase Tesla items

Business Crypto Finance Technology

Dogecoin, a meme-based cryptocurrency, soared on Friday after Tesla CEO Elon Musk announced that the electric manufacturer would accept it as payment for items.

The value of meme-based cryptocurrency dogecoin skyrocketed when billionaire Elon Musk sent a five-word tweet. Musk announced on Friday that Dogecoin may be used to purchase Tesla Inc items. At the time of writing, a single unit of Dogecoin was worth $0.1981. The price has increased by more than 26%.

“Tesla merch buyable with Dogecoin,” Musk tweeted.

Elon Musk is well-known for using his social media posts to influence the value of Dogecoin. According to data from the Coinbase website, his tweets about the past, including one in which he labeled it the “people’s crypto,” have helped the meme coin surge 5,859 percent over 2021.

Following Friday’s post, Dogecoin, a popular cryptocurrency among retail investors, soared 18 percent to above $0.2 (approximately Rs. 14).

Musk’s tweets about cryptocurrencies, including one he referred to as the “people’s crypto,” boosted the meme coin, causing it to rise about 4,000 percent in 2021.

In other Tesla news, on January 13, Musk tweeted that Tesla is “still working through a lot of problems with the authorities” in India. Musk said this in answer to a query on when the company’s electric automobiles would be available in the country.

Last year, Tesla announced its intention to sell imported automobiles in India. The company has been lobbying the government to lower import duties on electric vehicles (EVs) before entering the market. In October, it presented its demands to Indian Prime Minister Narendra Modi’s office.