Remember dogecoin?<\/p>\n
The meme-inspired cryptocurrency skyrocketed as much as 23% on Tuesday after Elon Musk said Tesla would accept dogecoin as payment for some of its merchandise. It last traded 18.9% higher.<\/p>\n
\"Tesla will make some merch buyable with Doge & see how it goes,\" the electric auto maker's CEO said in a tweet.<\/p>\n
Musk has frequently talked up dogecoin, calling it his favorite digital coin and mentioning it in an appearance on NBC's \"Saturday Night Live.\"<\/p>\n
Dogecoin was initially started as a joke by its creators Billy Markus and Jackson Palmer in 2013. It takes its branding from the Japanese shiba inu dog, which inspired the original \"doge\" meme.<\/p>\n
Tweets from Musk and surging interest from a wave of amateur investors fueled a speculative frenzy in the cryptocurrency earlier this year, driving its price higher.<\/p>\n
Dogecoin went from being worth just a fraction of a penny at the start of the year to notching a record-high price above 74 cents in May. It has since plummeted sharply at just 20 cents a coin, the token is down more than 70% from its all-time high.<\/p>\n
Some crypto investors say dogecoin is a phenomenon similar to \"meme stocks\" like GameStop and AMC and shouldn't be taken seriously.<\/p>\n
\"I'm actually not convinced ... that dogecoin is good for the crypto market,\" Brad Garlinghouse, CEO of crypto firm Ripple, told CNBC last month.<\/p>\n
Dogecoin recently found a rival in shiba inu, a so-called meme token that bills itself as a \"dogecoin killer.\" Shiba inu is currently the 13th-biggest coin by market value, having briefly surpassed dogecoin at one point.<\/p>\n
Disclosure: NBCUniversal is the parent company of CNBC and NBC, which broadcasts \"Saturday Night Live.\"<\/p>\n
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Dogecoin spikes more than 20% after Elon Musk says Tesla will accept it as payment for merch - CNBC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Remember dogecoin? The meme-inspired cryptocurrency skyrocketed as much as 23% on Tuesday after Elon Musk said Tesla would accept dogecoin as payment for some of its merchandise. It last traded 18.9% higher. Continue reading