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Tesla, the electric carmaker headed by billionaire Elon Musk, has started to allow people to buy brand merchandise using Dogecoin, a cryptocurrency initially started as a joke.

Mr Musk announced the development on Twitter on Friday, a month after hinting of the plans.

The news sent the value of Dogecoin soaring, though it fell back later.

Comments by Mr Musk have frequently moved the prices of digital currencies, including Dogecoin and Bitcoin.

The move, which sent Dogecoin prices more than 14% higher at one point, comes a month after Mr Musk said Tesla would test out the digital token as a payment option.