Meme-based cryptocurrency dogecoin witnessed a massive 20 percent spurt in its value on December 14, after Tesla CEO Elon Musk said it will be accepted as payment for some of the company’s merchandise. One unit of dogecoin was trading at $0.19 at the time of writing this report. The value had jumped by nearly $0.032 or 20.45 percent as compared to the preceding day. Crypto analysts were quick to link the jump in dogecoin’s price to Musk’s tweet, which stated: “Tesla will make some merch buyable with Doge & see how it goes (sic)”. Musk’s tweet suggested that the electric carmaker will accept dogecoin as payment for merchandise on a test basis. Notably, Musk is known for influencing the value of dogecoin through his remarks on social media. His tweets on the cryptocurrency in the past, including the one where he called it the “people’s crypto”, have helped the meme coin soar 5,859 percent over the past year, according to data from Coinbase website.
