Meme lords rejoice.
Tesla, the largest and most successful EV manufacturer currently operating, seems to be losing focus. Not only have there been numerous complaints about its car's build quality but upcoming models such as the highlight-anticipated Tesla Cybertruck have been continuously delayed, while the price of current models such as the Model Y keep on skyrocketing. While all of this is happening, company CEO Elon Musk is keeping himself busy by launching nonsensical products such as the Tesla Cyberwhistle. Musk, who recently launched a Tesla cryptocurrency called X Æ A-12Coin, made headlines when he stated that Tesla would be accepting Bitcoin as payment on Tesla cars. He then made even bigger headlines when he withdrew from that promise. Now the eccentric CEO has made a new crypto claim: Dogecoin will now be accepted as payment for Tesla merchandise. The circus is in town folks.
Dogecoin is a crypto just like Bitcoin, and has seen a massive rise in popularity, and value over the past year. Musk's announcement on Tuesday saw the cryptocurrency's value jump by a massive 20 percent. Typically, Musk made the announcement in a tweet, stating that "Tesla will make some merch buyable with Doge & see how it goes."
Dogecoin rose to $0.20 after the tweet, and has seen an incredible growth of 5,859 percent in the last year according to data from Coinbase website.
"Elon Musk has been an advocate for the crypto community for many years. His latest announcement will usher in a new era of commerce and trailblaze a path for altcoins to expand their use case," said Chris Kline, co-founder of Bitcoin IRA.
Currently, Tesla sells a number of weird and wonderful products including mini models of vehicles, Texan-style belt buckles, and the now infamous Cyberwhistle. It even sells a Cyberquad for children. Prices range from $50 to nearly $2,000. Musk has recently been named Time Magazine's person of the year, and with a massive army of Twitter followers, has been known to influence the value of certain cryptocurrencies. Tesla might be facing some serious issues, but it's always fun to see its leader mess around with the New World Order.