Earlier this week, I found myself having a conversation with my mom about cryptocurrency. To illustrate a point, I pulled up the listing for Dogecoin and noted its relatively low price. Perhaps I should have bought some when I looked at it then, because in the days since, the value of the world’s most bizarre cryptocurrency has increased considerably. At least relatively speaking; as of this writing, one Dogecoin is equal to about $0.19 — but on Monday, it was trading at $0.15.
What’s behind the uptick in its value? It will probably not surprise you to learn that Dogecoin enthusiast Elon Musk is involved. Early Friday morning, Musk announced that interested parties could purchase Tesla merchandise using the cryptocurrency in question.
From there, as The Guardian reported, the price of Dogecoin rose by 15%. He had made a similar announcement a month earlier; now, however, Tesla’s website has Dogecoin enabled to purchase certain goods. This includes the Cyberquad for Kids, a whistle and a mug that says “S3XY.”
In a message on its website, Tesla notes that Dogecoin is the only form of cryptocurrency it accepts at this time. It’s an intriguing experiment — though the people who benefit most from Musk’s announcement may well be those who have been holding on to Dogecoin for a year or more.
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