The price of Dogecoin is up nearly 10% after Tesla (TSLA) Chief Executive Officer Elon Musk Tweeted that the electric vehicle maker will accept the cryptocurrency as payment for some merchandise.
Dogecoin topped $0.20 U.S. a coin before paring some of those gains, according to Coindesk data. It was up more than 9% at $0.18 U.S. in early morning trading.
Only a small number of Tesla items can be purchased with Dogecoin, a cryptocurrency that was started as a joke by its developers.
A whistle shaped like Tesla’s Cybertruck costs 300 Dogecoin, which is equivalent to about $59 U.S. A commemorative belt buckle to celebrate Tesla’s Gigafactory in Texas was going for 835 Dogecoin, or about $164 U.S.
Elon Musk is a high-profile supporter of Dogecoin and his Tweets often move the price of the cryptocurrency. In the past, Musk has referred to himself as the “Dogefather” and supported a campaign to push the price of the cryptocurrency to $1 U.S., an effort that ultimately failed last spring.
