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On Friday, electric vehicle maker Tesla began accepting Dogecoin, a dog-themed cryptocurrency, as payment for some merchandise on its website.
“Tesla merch buyable with Dogecoin,” Tesla CEO Elon Musk tweeted on Friday.
After Dogecoin appeared as a payment option on the Tesla website, the price of Dogecoin surged by 11%. Dogecoin is currently the 11th largest cryptocurrency coin with a $25.2 billion market cap, but a downturn in the broader crypto market in recent days has pushed Dogecoin’s price to its lowest point since April 2021. It remains down 74% from its all-time high in May of last year.
Tesla’s website does not allow customers to purchase its electric vehicles with Dogecoin. But it does let customers buy some collectible items—a “cyberwhistle,” a “Giga Texas” belt buckle, and a “cyberquad” four-wheeler for kids—with the cryptocurrency. The items retail for 300 DOGE ($57), 835 DOGE ($160), and 12,020 DOGE ($2,287), respectively, and appear to be sold out.
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