Elon Musk says that Tesla accepts Dogecoin for some items

Dogecoin rose more than 10% after Mr. Musk’s tweet.

Mr. Musk has an overview of commenting on cryptocurrencies. The value of dogecoins increased late last year when Mr. Musk indicated that Tesla would make some items available for purchase using the payment form.

Last year, Tesla bought bitcoin for $ 1.5 billion. Mr. Musk also said at the time that the company would start accepting payments in the cryptocurrency. It later suspended these purchases after Mr. Musk expressed concern about high levels of use of fossil fuels for bitcoin mining.

Mr. Musk said last year that he and his rocket company, Space Exploration Technologies Corp., or SpaceX, hold bitcoin. The billionaire’s CEO said he also owns ethereum and dogecoin, other cryptocurrencies, although these holdings are less valuable than his bitcoin share.

Dogecoin has been one of the most volatile cryptocurrencies. It was started in 2013 as a joke and is centered around a Shiba Inu internet meme. The value of the cryptocurrency rose last year and is still around 2000% higher than a year ago.

Mr. Musk – the world’s richest person, according to the Bloomberg Billionaires Index – is closely linked to dogecoin. Almost a year ago, he tweeted a fake “Dogue” magazine cover to his millions of followers. He mentioned the currency again on Twitter a few days later, and sent its value up by 80% intraday, before pairing winnings.

Dogecoin appeared last year in Mr. Musk’s “Saturday Night Live” host debut. In a satirical segment, Mr. Musk appeared as “The Dogefather”. After explaining the values ​​of the cryptocurrency using jargon, other cast members asked him to explain, “What is dogecoin?” The pressure said Mr. Musk finally: “Yes, it’s a hassle.”

Write to Robert Wall at robert.wall@wsj.com