Dogecoin surged on Tuesday after Tesla CEO Elon Musk said the electric carmaker would start accepting the cryptocurrency for some merchandise.
"Tesla will make some merch buyable with Doge & see how it goes," Musk said in a tweet Tuesday.
Dogecoin was up nearly 30% to around 20 cents on Tuesday morning.
It's not clear what Tesla items will be available to purchase using Dogecoin. Tesla sells a wide range of merchandise, including clothing, vehicle accessories and a Cyberquad ATV for kids.
Dogecoin, a digital coin that started off as a joke based on a meme, has seen spikes in its value before after being championed by Musk. Dogecoin hit a record 69 cents in May after Musk tweeted about the cryptocurrency ahead hosting Saturday Night Live. On Monday, Time named Musk the Person of the Year for 2021, in part for his ability to impact markets with his posts on Twitter.
Tesla didn't immediately respond to a request for more information. The company doesn't operate a public relations department.