Cause Of The Price Of Dogecoin Spike


Dogecoin jumped after Elon Musk announced that Doge could buy Tesla stuff.

Dogecoin jumped in value Friday after Tesla CEO Elon Musk said Dogecoin could be used to buy Tesla merchandise.

Musk said on Twitter Friday morning that Tesla merchandise could be purchased with Dogecoin.

Dogecoin is the meme-based cryptocurrency that went viral in 2021.

Elon Musk said: "Tesla merch buyable with Dogecoin."

What happened: Dogecoin jumped $0.20 at around 1 a.m. EST. The coin jumped 9% by 7 a.m. on Friday, too.

What you can buy: Per CNBC, there are already some details about what you can buy from Tesla.

Tesla's Cybertruck whistle costs 300 dogecoins (so about $59).

Tesla's Gigafactory belt buckle costs 835 dogecoins (about $164).

Dogecoin is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer.

Who decided to create a payment system as a complete "joke."

They were making fun of the wild speculation in cryptocurrencies at the time.

It is considered the first "meme coin" and, more specifically, the first "dog coin."

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