Get All Access for $5/mo

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

By Emily Rella Edited by Jessica Thomas

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.

Emily Rella

Entrepreneur Staff

Senior News Writer

Emily Rella is a Senior News Writer at Entrepreneur.com. 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.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

The Side Hustle He Started in His College Apartment Turned Into a $70,000-a-Month Income Stream — Then Earned Nearly $2 Million Last Year

Kyle Morrand and his college roommates loved playing retro video games — and the pastime would help launch his career.

Business News

New Southwest Airlines Major Investor Wants to Force Out CEO, Slams Company's 'Stubborn Unwillingness to Evolve'

Elliot Investment Management announced a $1.9 billion stake in the Dallas-based Southwest Airlines on Monday and is urging shareholders to vote for new leadership.

Science & Technology

Why We Shouldn't Fear AI in Education (and How to Use It Effectively)

Facing resistance to new technologies in the educational process is nothing new, and AI is no exception. Yet, this powerful tool is set to overcome these challenges and revolutionize education, preparing students and professionals for a future of unparalleled efficiency and personalized learning.

Business News

Elon Musk Threatens to Ban Employees from Using Apple Products, Says Will Lock Devices in 'Cages'

The Tesla founder sounded off on X following Apple's 2024 Worldwide Developer Conference on Monday.

Business News

Apple's AI Has a Catch — And It Could Help Boost Sales

Not every iPhone owner will get to use the new Apple Intelligence.

Business News

Y Combinator Helped Launch Reddit, Airbnb and Dropbox. Here's What I Learned From Its Free Startup School.

The famed startup accelerator offers a free course on building a business — and answers five pressing questions for founders.