Dogecoin rises as Tesla begins accepting cryptocurrencies for goods purchases

Dogecoin rises as Tesla begins accepting cryptocurrencies for goods purchases

Dogecoin
surged early Friday after

Dreamstime

Highlights

  • began accepting the cryptocurrency for merchandise purchases on the electric-vehicle maker’s website.

  • Tesla

In a tweet early Friday, Tesla (ticker: TSLA) CEO Elon Musk said, “Tesla merch buyable with Dogecoin.”

Dogecoin has risen 12.6% over the past 24 hours to $0.196167, according to CoinDesk. Dogecoin has gained 16.6% in 2022.

Back in mid-December, Musk said on Twitter that Tesla would “make some merch buyable with Doge & see how it goes.” Musk told Time magazine that even though Dogecoin was created as a “silly joke” it’s “better suited for transactions” than

Bitcoin.

Dogecoin was one of the few cryptocurrencies rising Friday. Bitcoin, the world’s largest cryptocurrency, was down 3.2% to $42,518, according to CoinDesk. Bitcoin traded below $41,000 at the beginning of the week. Ethereum, the second-largest digital currency, declined 3.2% to $3,264. Write to Joe Woelfel at joseph.woelfel@barrons.com