The price of Dogecoin fluctuates following Elon Musk’s announcement that Tesla will accept the cryptocurrency

<p>The billionaire has long been a proponent of the formerly fictitious coin.</p> <p>Dogecoin is once again declining in value following the announcement that Tesla will now accept it as payment.</p> <p>Elon Musk, the CEO of Tesla and a millionaire, revealed on January 14 that Tesla apparel is now available for purchase using Dogecoin.</p> <p>He announced the news for the first time on December 14, 2021, stating that Tesla would "watch how things proceed."</p> <p>Dogecoin may now be used to purchase select merchandise, such as the Cyberquad for Kids, which costs 12,020 Doge, or about £1499.80, the Giga Texas Belt Buckle, which costs 835 Doge, or approximately £104.19), and the Cyberwhistle, which costs 300 Doge, or approximately £37.43.</p> <p>Dogecoin's value increased about 15% in the aftermath of Elon's Tweet.</p> <p>However, it erased nearly 6% of its gain on Monday (January 17). This is almost certainly due to investors profitably selling their shares as the coin appreciated.</p> <p>How much is Dogecoin worth?</p> <p>Dogecoin is a meme currency that was inspired by another meme currency. It was developed in response to the Shiba Inu coin, which was created in tribute to the Japanese breed's iconic 'doge' meme.</p> <p>Billy Markus and Jackson Palmer founded the open-source currency in December 2013 as a fun alternative to Bitcoin.</p> <p>Unlike Bitcoin, there is no limit to the number of coins that may be mined with Doge. As a result, the number that can be purchased, sold, or exchanged is unlimited.</p> <p>At the moment, the coin is mostly used to tip Reddit and Twitter creators in exchange for high-quality social media content.</p> <p>It is currently available for purchase on all major cryptocurrency exchanges, including Robinhood, Binance, and Kraken.</p> <p>Dogecoin's value was £0.12 at the time of press, up from £0.10 on January 10 but still trailing the £0.16 rise following Musk's tweet about Tesla adopting it for some things.</p> <p>Although trading is down from its all-time high of £0.05