Dogecoin up over 20% after Elon Musk says Tesla accepts Dogecoin payments

Dogecoin – containing a Shiba dog meme – rose 23% on December 14 after Elon Musk said Tesla would accept payments in Dogecoin for some products.

“Tesla will accept payments for some products in Dogecoin and see how things go,” the Tesla CEO said in a tweet.

Musk often talks good about Dogecoin, calling it his favorite digital currency, and mentions Dogecoin on NBC’s Saturday Night Live.

Dogecoin was created in 2013 by Billy Markus and Jackson Palmer as a joke. The coin shows a symbol of the Japanese Shiba Inu dog.

Mr Musk’s tweets and the growing interest of the amateur investor corps previously fueled speculative fever at Dogecoin.

Dogecoin started the year at less than 1 cent, but rose to over 74 cents in May 2021. After that, this digital currency crashed to almost 20 cents / dong, more than 70% below the record high.

Some crypto investors say Dogecoin is a phenomenon similar to meme stocks like GameStop and AMC.

“I don’t really think Dogecoin is good for the crypto market,” said Brad Garlinghouse. CEO of Cryptocurrency company Ripple told CNBC last month.