Dogecoin jumps after Elon Musk tweets that Tesla goods are “buyable” with the token

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Meme-based cryptocurrency Dogecoin surged on Friday after Tesla CEO Elon Musk said the electric-car maker will accept them as payment for goods.

“Tesla merch purchasable with Dogecoin,” Musk tweeted.

His mid-December tweet, saying that such use of Dogecoin will be allowed on a trial basis, sent the cryptocurrency up more than 20 percent. Dogecoin price in India stood at Rs. 15.02 as of 4:30pm IST on Jan 14th.

Dogecoin, popular with retail investors, surged 18 percent to above $0.2 (about Rs.14) after Friday’s tweet.

Musk’s tweets about the cryptocurrency, including the one in which he called it the “crypto of the people,” boosted the meme coin, sending it up about 4,000 percent in 2021.

In other Tesla-related news, Musk tweeted on Jan. 13 that Tesla in India is “still working through many challenges with the government.” Musk said this in response to a question about when it would launch its electric cars in the country.

Tesla had plans to start selling imported cars in India last year and has lobbied the government to reduce import taxes on electric vehicles (EVs) before they hit the market. In October, she presented her demands to the office of Indian Prime Minister Narendra Modi.

Musk didn’t name the “challenges” being worked on in his Twitter post.

© Thomson Reuters 2022

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