Key Points

Dogecoin skyrocketed more than 20% Tuesday morning after Elon Musk said Tesla would accept it as payment for some merchandise.

Musk has frequently talked up dogecoin, calling it his favorite digital coin and mentioning it in an appearance on "Saturday Night Live."

Dogecoin hit a record-high price above 74 cents in May but has since plunged sharply.

Remember dogecoin?

The meme-inspired cryptocurrency skyrocketed more than 20% Tuesday morning after Elon Musk said Tesla would accept dogecoin as payment for some of its merchandise.

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