Singapore, CNN — The dogecoin cryptocurrency soared on Friday after Tesla boss Elon Musk said the electric car maker will accept it as payment for goods.
“Tradable Tesla with Dogecoin”, Musk tweeted.
His mid-December tweet saying that such use of dogecoin will be allowed on a test basis sent the cryptocurrency up over 20%.
Dogecoin, popular with retail investors, surged 18% to above $0.20 following Friday’s tweet.
Musk’s tweets about the cryptocurrency, including one in which he called it “the people’s cryptocurrency,” propelled the meme coin up roughly 4,000% in 2021.