Musk Says Tesla Will Accept This Crypto Coin, Sends Valuation Skyrocketing Dogecoin rose over 20% on Tuesday.

By Emily Rella

Maja Hitij | Getty Images

It's been a hot minute since billionaire Elon Musk made waves in crypto valuations by tweeting about select coins.

But thanks to an early morning Tweet on Tuesday, it looks like yet another coin has been sent skyrocketing in valuation.

Popular meme coin Dogecoin, which Musk has pioneered and tweeted about in the past along with Shiba Inu Coin, blew up nearly 20% in 24 hours after the Tesla CEO (unclear whether or not it was a joke) said that the electric car company would begin accepting Dogecoin as payment for select merchandise.

Related: Elon Musk Says Government Should 'Do Nothing' on Cryptocurrency

"Tesla will make some merch buyable with Doge & see how it goes," Musk wrote.

The Tweet has since garnered 208,500 likes and 35,000 retweets.

According to Coinbase, Dogecoin has seen a 5,878.52% increase year over year.

The popular crypto coin, which was invented in 2013 and inspired by the Shiba Inu "Doge' meme that took the internet by storm that same year, has made headlines this year thanks to big-name businessmen rallying behind its potential.

This past summer, billionaire Mark Cuban called the coin the "strongest when it comes to using it as a medium of exchange," prompting a response from Musk himself, who said he had been "saying this for a while."

Related: Dogecoin's Value Increased by 4,600% in 1 Year, Elon Musk Gives It Another Push

Cuban also tweeted at the time that the Dallas Mavericks would begin to accept the coin for team merch, while AMC CEO Adam Aron later said that the movie theater chain would potentially begin doing the same.

Dogecoin reached an all-time high in May of this year when it soared just above 74 cents.

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Emily Rella

Entrepreneur Staff

Senior News Writer

Emily Rella is a Senior News Writer at Previously, she was an editor at Verizon Media. Her coverage spans features, business, lifestyle, tech, entertainment, and lifestyle. She is a 2015 graduate of Boston College and a Ridgefield, CT native. Find her on Twitter at @EmilyKRella.

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