Elon Musk tweeted that Tesla merchandise can be purchased with dogecoin, sending the cryptocurrency's price soaring.
Though Dogecoin has seen a decline today, its price is relatively high compared to its 52-week low.
The price of Dogecoin surged above 50 cents Tuesday, following a recent slump during which its value was cut in half.
An illustration shows coins in a dog bowl, symbolizing the cryptocurrency Dogecoin.
Here's why you're going to be seeing DogeCoin memes on your Twitter and Facebook accounts.
Yuriko Nakao/Getty Images Dogecoin spiked as much as 34% to $0.095896 on Tuesday.
Meme cryptocurrency Dogecoin (CRYPTO: DOGE) is seeing major upwards movement in line with a rise in Bitcoin and as Tesla Inc (N
Dogecoin trading activity spiked on Tuesday as a new TikTok challenge urging viewers to buy the cryptocurrency went viral.