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Dogecoin Surges as Tesla Begins Accepting the Crypto for Merchandise Purchases

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Dogecoin surged Friday after Tesla began accepting the cryptocurrency for merchandise purchases on the electric-vehicle maker’s website.

Dogecoin has risen 15.6% over the past 24 hours to $0.189088, according to CoinDesk.

In a tweet early Friday, Tesla (ticker: TSLA) CEO Elon Musk said, “Tesla merch buyable with Dogecoin.”

Back in mid-December, Musk said on Twitter that Tesla would “make some merch buyable with Doge & see how it goes.” Musk told Time magazine that even though Dogecoin was created as a “silly joke” it’s “better suited for transactions” than Bitcoin.

Bitcoin, the world’s largest cryptocurrency, was up 0.8% to $43,112, according to CoinDesk. Bitcoin traded below $41,000 at the beginning of the week. Ethereum, the second-largest digital currency, rose 0.6% to $3,299.

Write to Joe Woelfel at [email protected]