Cover Elon Musk attends TIME Person of the Year. (Photo: Getty Images)

Dogecoin has notably been one of Musk's favourite cryptocurrencies and he has talked it up in the past which has caused the prices to skyrocket

Dogecoin, the meme-inspired cryptocurrency skyrocketed by about 23 per cent this week after Elon Musk announced in a tweet on December 14 that his electric car company, Tesla, would accept dogecoin as payment for some of its merchandise.

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The billionaire said that Tesla would be making some merchandise buyable with Dogecoin and will “see how it goes”.

 

While this may seem random, Dogecoin is actually Musk’s favourite digital coin and he has frequently talked it up at engagements such as when he made an appearance on NBC’s Saturday Night Live.

Dogecoin itself was initially started as a joke by its creators Billy Markus and Jackson Palmer in 2013. It takes reference from the Japanese Shiba Inu dog which is the star of the Doge meme. 

It was made intentionally abundant and has no maximum supply, unlike Bitcoin which was designed to be scarce and resistant to inflation. 

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Musk’s tweet triggered a surge in interest from amateur investors which drove the price higher. 

Dogecoin, which has soared 5,859 per cent in this year alone, skyrocketed to US$0.20 after the tweet, according to Coinbase. 

Musk however did not specify what merchandise would be available to purchase with Dogecoin. 

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