Dogecoin has jumped by 13% in the past 24 hours, after American billionaire Elon Musk said that Tesla would accept it as way of payment for some goods.
“Tesla will make some merch buyable with Doge & see how it goes,” the CEO of the electric car maker said in a tweet.
Musk did not specify which merchandise could be bought. The company sells merchandise that can cost from $50 to $1,900.
Musk has repeatedly talked about Dogecoin, calling it his favorite digital currency.
His tweets, and growing interest from a wave of amateur investors, sparked a speculative frenzy in the cryptocurrency earlier this year, driving its price up.
Dogecoin went from being worth a fraction of a penny at the beginning of the year to hitting a record price above 74 cents last May.
Since then, it has fallen sharply at just 20 cents of the coin, and the coin has fallen more than 70% from its all-time high.
In a related context, the Governor of the Bank of England launched an attack on digital currencies and their pioneers.
Cryptocurrencies are living unhappy days due to the decline that most digital currencies are facing these days.
Andrew Bailey warned banks and other financial institutions against acquiring and owning any crypto-related assets, due to its strong volatility and violent up and down movement.
The price of Bitcoin (BTC) increased by 2.98% to reach $48,199.51.
The price of Ethereum (ETH) also increased by 2.82% to $3,869.45.
The price of Binance coin (BNB) increased by 0.25% to reach $531.10.
The price of cardano (ADA) coin also rose by 2.07% to record $1.26.
The price of Ripple’s (XRP) increased by 3.03% to $0.810544.
The price of Polkadot (DOT) coin increased by 0.52% to $26.06.
The price of DOGE coin (Dogecoin) jumped by 13.25% to $0.179627.
The price of Litecoin (LTC) rose by 3.23% to reach $ 151.30.
The price of Chainlink LINK increased by 2.87% to $18.50.