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Tesla founder and Billionaire Elon Musk on Tuesday said the electric carmaker will accept meme-based digital currency dogecoin for merchandise on a test basis.

The cryptocurrency market has seen major fluctuations this year, often in response to Musk's tweets. His comments on dogecoin have fuelled a dizzying rally in the cryptocurrency's value this year.

Taking to twitter, Musk wrote, "Tesla will make some merch buyable with Doge & see how it goes."

Cryptocurrencies have drawn the ire of regulators worldwide and yet managed to trade at record highs as investors rush to profit from wild swings in prices.

Global regulators worry the rise in privately operated currencies could undermine their control of the financial and monetary systems, increase systemic risks, promote financial crime and hurt investors.

Musk has been offloading part of his stake in Tesla, selling $906.5 million of the company’s shares in his most-recent transaction, according to regulatory filings dated Monday.

Tesla shares have slumped 21% since Musk pledged on Twitter to dispose of 10% of his stake in early November.

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