Dogecoin is one of the most volatile cryptocurrencies.
Photo:
Daddle Bitch / Reuters
Cryptocurrency Dogecoin surged after Elon Musk tweeted that Tesla would accept some payments with digital tokens.
According to CoinDesk data, Dogecoin prices have skyrocketed by 40% compared to Monday’s 5 pm EST level. Trading on Tuesday was 22 cents, down from 16 cents the day before to about 20 cents.
“Tesla will make some items available for purchase at Doge and see what happens,” Musk wrote in a tweet on Tuesday morning.
Dogecoin is one of the most volatile cryptocurrencies. Started as a joke in 2013, it is based on the Shiba Inu internet meme. It surged by more than 15,500% in 2021 at its peak in May and has risen by more than 3,000% annually.
Musk is a voice commentator on cryptocurrencies on social media. His tweets frequently moved prices up and down. He was generally a supporter of Dogecoin, but criticized Bitcoin’s high energy use.
He previously involved Tesla in his view of cryptocurrencies, Buy $ 1.5 billion Bitcoin in February With company funds.Mr. Musk also said that Tesla Start receiving payments In cryptocurrency. This was suspended months later due to concerns about the high level use of fossil fuels for Bitcoin mining.
The recent surge in Shiba Inu coins and their subsequent decline in value are part of the meme coin’s growth trend, comparable to some of the world’s largest digital tokens. WSJ retail investment reporter Caitlin McCave explains why investors are pouring money into this meme-based cryptocurrency.Photo: Amber Bragdon / Getty Images
Write to Anna Hiltenstein anna.hirtenstein@wsj.com
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Dogecoin soars, boosted by mask tweets
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