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Dogecoin Soars After Elon Musk Announces It Can Be Used to Purchase Tesla Merch

Dogecoin Soars After Elon Musk Announces It Can Be Used to Purchase Tesla Merch

Elon Musk took to Twitter on Friday to announce that Tesla merchandise will now be available to purchase using Dogecoin, leading to a sizable surge in the price of the cryptocurrency.

The price of Dogecoin jumped more than 15% on Friday, according to figures via CNBC. The coin reached a price of $0.20 USD at roughly 1:19 a.m. ET before settling at a price of $0.18 USD after 7 a.m. ET this morning.

“Tesla merch buyable with Dogecoin,” the CEO wrote on Twitter.

Only select items are currently buyable with the cryptocurrency: the company’s commemorative Giga Texas Belt Buckle, the Cyberwhistle, which resembles the shape of the automaker’s Cybertruck, and the Cyberquad for Kids.

Tesla has planned to accept Dogecoin as a form of payment for quite some time. In December, Musk announced on Twitter that “Tesla will make some merch buyable with Doge & see how it goes.”

There are several terms and conditions that Tesla has laid out for those who choose to purchase merch with Dogecoin. In the support section on its website, the company notes that if “an order is overpaid in Dogecoin, the overpayment amount will not be refunded to the original form of payment.” Furthermore, Tesla says that customers will need to use a Dogecoin wallet to transfer funds to the company and warns that transactions make take up to six hours to be confirmed.

Elsewhere, Jack Dorsey’s Block is getting into Bitcoin mining.

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