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Dogecoin soars 18% after Elon Musk says it can be used to buy Tesla merchandise

By Reuters

Updated: Fri, 14 Jan 2022 09:48:52 GMT

Meme-based cryptocurrency dogecoin jumped on Friday after Tesla chief Elon Musk said the electric carmaker will accept it as payment for merchandise.

"Tesla merch buyable with Dogecoin," Musk tweeted.

His mid-December tweet saying such use of dogecoin will be allowed on a test basis sent the cryptocurrency up more than 20%.

Dogecoin, popular among retail investors, raced up 18% to above $0.20 after Friday's tweet.

Musk's tweets on the cryptocurrency, including the one where he called it the "people's crypto," buoyed the meme coin and caused it to soar roughly 4,000% in 2021.


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