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The reason for the rapid rise in the price of dogecoin.
Tesla (TSLA) CEO Elon Musk is once again helping his pet cryptocurrency, dogecoin (DOGE), gain some momentum.
The billionaire tweeted Friday morning ET that merchandise for SpaceX, his space exploration startup, will soon be able to be bought with dogecoin, just as it can be for Tesla merchandise.
The price of dogecoin jumped as much as 10% to nearly 9 cents immediately following the tweet, before recently settling to a gain of about 7.7%.
Tesla merch can be bought with Doge, soon SpaceX merch too
— Elon Musk (@elonmusk) May 27, 2022
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