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Tesla Merchandise Can Be Purchased With Dogecoin, Elon Musk Tweets

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With a market cap of $25.2 billion, Dogecoin is the 11th most valuable cryptocurrency.

Elon Musk has proven time and again that his tweets can affect the cryptocurrency market in many ways. The billionaire proved it once again. This time he tweeted about Dogecoin. “Tesla Merchant can be bought with Dogecoin,” Musk wrote. Tesla CEO’s remarks have sparked great speculation among Dogecoin fans. Dogecoin’s value also increased by about 20 percent following Musk’s tweet. It was also included as a payment option on the Tesla website. With a market cap of $25.2 billion, Dogecoin is the 11th most valuable cryptocurrency.

According to the Tesla website, Dogecoin can be used to purchase items such as CyberWhistle, Giga Texas Belt Buckle and CyberQuad for Kids.

See Elon Musk’s tweet here:

Dogecoin was trading at Rs 15.63 till the time of writing the report. For live Dogecoin prices, click here. After Musk’s tweet went viral, many people also showed happiness.

Dogecoin co-creator Billy Marcus was one of those who tweeted his approval of the move.

The official Twitter handle of the cryptocurrency exchange also posted a tweet that showed a Doge riding a Tesla vehicle.

Reacting to the tweet, one user wrote about the institutional adoption of Dogecoin.

“Tesla Accepting Dogecoin Is Huge!” wrote Matt Wallace, a crypto YouTuber.

Wallace also added in another tweet, “Dogecoin to the Moon!”

Crypto influencer Nahid Hassan posted a hilarious meme in response to Musk’s tweet.

However, some users were skeptical about Elon Musk’s intentions behind this sudden move.

One user felt that people need to be “cautious” because in the past, after such a tweet, the value of Dogecoin went up. The user added that now that Dogecoin’s graph is fluctuating, Musk may try to sell his holdings.

Another user also tweeted on the same lines.

One user tried to place an order for Tesla and tweeted, ‘Thanks Elon! This is an incredible initiative and the right way to encourage practical cryptocurrency use.”

Earlier in December, Musk tweeted that Tesla would accept Dogecoin as a method of payment for goods.

For the most part of 2021, Elon Musk’s tweets about Dogecoin, in which he referred to the cryptocurrency as “the people’s crypto”, multiplied its value.

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