“Tesla will make some merch buyable with Doge & see how it goes,” wrote Elon Musk this Tuesday. Unsurprisingly it went well with Doge up 20% Tuesday morning.
Musk recently talked up Doge coin as a better transactional crypto currency than rival Bitcoin which also spiked in February 2021 when Musk bought $1.5 billion worth of crypto currency.
Doge is a so-called meme-coin, the popularity of which is linked to a popular internet meme and backed fundamentally by the enthusiasm of a community of supporters. The Doge coin, featuring a popular dog character from the internet, was created in 2013 by software engineers Billy Markus and Jackson Palmer as a joke making fun of speculation in crypto currencies.
Currently Dogecoin has a market capitalization of $25.4 billion. The Dogecoin was worth approximately 1 cent at the beginning of January 2021, currently it has a value of approximately 20 cents down from its peak of 68 cents in March.
Musk’s comments come as the Federal Reserve is in session with regulation of crypto coins high on its agenda.