Elon Musk said the electric carmaker will accept meme-based digital currency dogecoin for merchandise. Musk said in a tweet:

“Tesla merch buyable with Dogecoin.”

As a result, Dogecoin raced up to $0.20.

Tesla CEO now supports Dogecoin cryptocurrency, after vouching for Bitcoin. He even calls him “Dogefather”.

Earlier Musk confirmed that the company is “most likely” going to resume taking Bitcoin payment after some due diligence on the improvements in the energy mix used to mine the cryptocurrency.  Musk added:

“I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50 per cent, and that there is a trend toward increasing that number, and if so Tesla would resume accepting bitcoin.”

In addition, the CEO confirmed that he has a significant personal investment into bitcoin on top of Tesla’s investment and he has smaller Ethereum and Dogecoin holdings.