Elon Musk likes the cryptocurrency Doge. Every now and then, he tweets about it, and the price skyrockets. This is one of those times.
On Tuesday, Musk tweeted Tesla will start accepting Doge for merch purchases “and see how it goes.”
In February, Tesla said it would start accepting Bitcoin for car purchases, but the company later backpedaled on the decision, with Musk saying the company would resume taking Bitcoin payments when the cryptocurrency gets greener (Bitcoin’s network is secured with a process called proof-of-work (PoW) which consumes tremendous amounts of energy).
Doge, or dogecoin, is also secured by a proof-of-work algorithm, but it’s a different one, which piggybacks on other PoW coins. This makes Doge greener than Bitcoin, but that’s partially because Doge isn’t as popular.
Notably, Musk publicly said he owns Doge in October this year.
Elon tweets, and the price moves.
The price of Doge pumped roughly 27 percent following the tweet according to Coingecko. The cryptocurrency is now trading at about $0.21.