The price of dogecoin, the popular crypto meme token, surged on Friday after Elon Musk indicated that his private space exploration company SpaceX would start accepting it as payment for merchandise.
Musk, whose frequent public support for dogecoin has steadily boosted its value, revealed his plans for SpaceX on Twitter. His other firm, Tesla, has already been accepting dogecoin in its online store since January.
“Tesla merch can be purchased with Doge, soon SpaceX merch too,” Musk tweeted.
Musk did not say exactly when SpaceX will start accepting dogecoin as payment. For now, items in the company’s online store are always listed in dollars.
When asked if SpaceX would allow customers to pay for “Starlink” satellite internet subscriptions with dogecoin, Musk replied, “Maybe one day.”
was trading 4% higher on Friday afternoon even as other well-known cryptocurrencies fell. Bitcoin fell 3% to $28,740 and Ethereum fell 8% to $1,749, according to data from Coinbase.
Still, dogecoin has struggled since last May, when the meme token hit an all-time high of $0.74. Right now, a single dogecoin is worth around $0.08.
Last May, SpaceX accepted dogecoin as full payment for a lunar mission dubbed “DOGE-1 Mission to the Moon.” Geometric Energy Corporation used the cryptocurrency to cover the cost of a payload launch on a SpaceX Falcon 9 rocket, CNBC reported.
Dogecoin saw a similar increase in value when Tesla started accepting it in January. At the time, Tesla’s “Cyberquad for Kids” was listed at 12,020 doges, or about $2,300 including shipping and taxes.
Musk’s advocacy helped transform dogecoin from a meme token into an investment vehicle for some crypto dealers.
In March, Musk revealed he had no plans to sell off his cryptocurrency holdings, including his dogecoin stash, despite soaring inflation contributing to a market slowdown.