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Tesla will begin accepting the Dogecoin cryptocurrency as a form of payment on some of the company’s products, though not on vehicles, the company’s CEO Elon Musk said Tuesday.
Musk said that Tesla will allow some products to be acquired with Dogecoin and see how it goes, without offering further details.
The electric vehicle manufacturer sells in its online store from clothing to accessories for its vehicles, as well as wireless cell phone chargers or sunshades with prices ranging from $50 to nearly $2,000.
After Musk’s tweet, the value of the cryptocurrency increased by 24% although it later lost part of the gains and at 16.45 GMT it was trading at 0.19 dollars per coin.
Dogecoin or doge is a cryptocurrency whose token is the face of a Japanese Shiba Inu dog that emerged in 2013 as a joke and which Musk has promoted in the past.
Nearly a year ago, Musk tweeted a cryptic message, “one word: doge,” that sparked the cryptocurrency’s rise. Since then, the Tesla chief periodically posts doge-related content on Twitter.
Doge is not the only cryptocurrency Musk has promoted. In February this year, Musk announced that Tesla would invest $1.5 billion in bitcoins and accept payment in this currency for vehicle purchases.