Elon Musk announced that you can now use Dogecoin to buy Tesla products

The meme-like cryptocurrency Dogecoin will now be accepted by electric vehicle manufacturer Tesla. Thanks to this announcement, the coin reached the highest value in its history.

Tesla CEO Elon Musk has announced that the brand will now accept Dogecoin as payment for the automaker's products.

“Tesla items you can buy with Dogecoin,” Musk tweeted. After the Tesla boss tweet, Dogecoin surged 18% to over $0.20. Musk's tweets about cryptocurrency, including one in which he called it the "people's cryptocurrency," fueled the meme coin and caused it to skyrocket by about 4000% in 2021.

Dogecoines is a bitcoin-derived cryptocurrency that uses a Shiba Inu dog from an internet meme as a pet. The cryptocurrency was created by programmer and former IBM engineer Billy Marcus, a native of Portland, Oregon, who initially tried to change an existing cryptocurrency called BellsBased on Animal Crossing from Nintendo, hoping to reach a wider user base than the investors who created Bitcoin, and something that didn't involve Bitcoin's controversial history.

On March 15, 2021, Dogecoin hit a high of 0.1283 cents. Far surpassing the 2018 event, which up to this date was the highest in its history.

Enthusiasts are expected to find a way to make it cost $1.00. But do not forget that this is an unstable market, which depends on many factors that increase or decrease the prices of its products.

Marcus based Dogecoin on another existing coin, Litecoin, which also uses scrypt technology in its proof-of-work algorithm, meaning that miners cannot take advantage of specialized bitcoin mining hardware for faster mining. Dogecoin was originally limited to 100 billion coins, which would already be a lot more coins than the major digital currencies allowed. 

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