Tesla Will Accept Dogecoin as Payment for Some of Merchandise

The meme-inspired cryptocurrency Dogecoin witnessed a spike over 20% Tuesday after Elon Musk said Tesla will accept it as payment for some merchandise.  Musk is a regular cheerleader for the digital coin.

Dogecoin went from being worth just a fraction of a penny at the start of 2021 to notching a record-high price above 74 cents in May. It now sits at just below 20 cents a coin, down over 70% from its all-time high.

“Tesla will make some merch buyable with Doge & see how it goes,” the Tesla CEO said in a tweet.

Dogecoin was originally created by software engineers Billy Markus and Jackson Palmer as a "joke" in 2013, making fun of the wild speculation in cryptocurrencies at the time.

- Aaron Goldstein, Gambling911.com