Elon Musk has put cryptocurrency markets in a spin, again.

Dogecoin, popular among retail investors, raced up to $0.20 after the tweet. Musk's tweets on the cryptocurrency, including the one where he called it the "people's crypto", have helped the meme coin soar 5,859% over the past year, according to data from Coinbase website. (File pic: Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, and Litecoin are seen in front of a displayed Binance logo in this illustration - Reuters)

Tesla Inc chief Elon Musk said on Tuesday the electric carmaker will accept dogecoin as payment for merchandise on a test basis, sending the meme-based cryptocurrency up over 20%.

"Tesla will make some merch buyable with Doge & see how it goes," Musk said in a tweet https://twitter.com/elonmusk/status/1470703708677840896. The carmaker's shares were down 3% in early trading, amid broader market declines.