Keep this in mind dogecoin?

After Elon Musk stated that Tesla will accept dogecoin for payment, the meme-inspired cryptocurrency shot up more than 20% on Tuesday morning.

“Tesla will make some merch buyable with Doge & see how it goes,” the Tesla CEO said in a tweet.

Musk often mentions Dogecoin. Musk calls it his favorite digital cryptocurrency and even mentioned it during an appearance on Saturday Night Live.

Dogecoin’s creators, Jackson Palmer and Billy Markus, started it as a joke in 2013. The Japanese Shiba Inu dog that inspired the “doge” meme is the inspiration for the branding of Dogecoin.

Musk’s tweets and the surge in interest shown by amateur investors fuelled a frenzy for cryptocurrency earlier in this year. This drove its price up.

Dogecoin rose from just one cent at the beginning of this year to reaching a record price of over 74c in May. It has since plummeted sharply — at just 20 cents a coin, the token is down over 70% from its all-time high.

Dogecoin, according to some crypto investors is similar to meme stocks. GameStop AMCThese should not be taken as a serious matter.

Brad Garlinghouse (CEO of Ripple), said, “I am not really convinced that dogecoin can be good for crypto markets.” told CNBC last month.

Dogecoin was recently launched found a rival in shiba inuThe so-called “dogecoin killer” meme token is. Shiba inu currently ranks 13th in terms of market value and briefly surpassed dogecoin.