Tesla to accept Dogecoin for merchandise payments

Elon Musk confirmed on Tuesday that Tesla will be accepting dogecoin as payment for merchandise.

Despite the decision being on a test basis initially, it still sent the meme crypto up by more than 20%.

"Tesla will make some merch buyable with Doge & see how it goes," Musk said in a tweet.

Despite the bullish response from dogecoin, the Tesla share price is down by 3.18% at the time of writing on Tuesday afternoon.

Dogecoin, which has caught the attention of retail investors in the past, shot up to $0.20 on the back of Musk’s tweet.

Over the past 12 months, with the help of a number of spontaneous tweets by Musk, the dogecoin price is up by 5,707.53%.

It is not clear as of yet which pieces of merchandise will be available in exchange for dogecoin.

Popular items include the ‘Giga Texas’ belt buckle, small models of its vehicles and its ‘Cyberquad’ quad bike for kids.

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