This morning, the price of Dogecoin (DOGE) soared to a monthly high above $0.2 in response to news that the meme coin may now be used to make purchases at the Tesla store.
Elon Musk, the CEO of Tesla, announced the news on Twitter, noting that the company’s apparel is “buyable with Dogecoin.”
DOGE jumped 16% earlier on Friday to an intraday high of $0.200369, according to CoinGecko data, before retracing to $0.192 by press time.
Despite the slide, the price of Dogecoin is now at the levels last seen on December 14, when Musk first teased the integration.
“Tesla will make some merch buyable with Doge & see how it goes,” Musk said at the time.
This is the fifth consecutive day of gains for the meme coin, which is now up 23.8% over the last week.
The latest price action has also seen DOGE flip Avalanche (AVAX) to become the market’s 11th-largest cryptocurrency by market cap.
Only a few goods are now available for purchase with DOGE at the Tesla store, including the Giga Texas Belt Buckle for 835 DOGE, a Cyberwhistle for 300 DOGE, and a kids Cybersquad for 12,020 DOGE.
Tesla began taking Bitcoin as payment for its electric automobiles last year. However, the pilot was canceled due to concerns about the leading cryptocurrency’s harmful environmental impact.