Dogecoin gains 25% after Elon Musk confirms Tesla will accept DOGE for merchandise

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Dogecoin (DOGE) noticed a sudden value enhance on Dec. 14 after Tesla CEO Elon Musk introduced that Tesla would start accepting it for some purchases.

Dogecoin gains 25% after Elon Musk confirms Tesla will accept DOGE for merchandise
DOGE/USD 1-hour candle chart (Bittrex). Supply: TradingView

Information from Cointelegraph Markets Pro and TradingView confirmed DOGE/USD climbing over 25% to turn out to be the one main cryptocurrency to ship features on the day.

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The meme-based altcoin had adopted Bitcoin (BTC) and different large-cap tokens downward over the course of the week, however the turnaround gave DOGE holders 10% weekly features.

The transfer got here after Musk introduced that the automaker would quickly start accepting DOGE for merchandise.

“Tesla will make some merch buyable with Doge & see the way it goes,” he tweeted.

In doing so, Tesla adopts the bizarre place of accepting solely Dogecoin out of all attainable cryptocurrency choices. Musk dangers irking Bitcoin proponents, particularly, having beforehand allowed then disqualified BTC purchases for Tesla autos over alleged environmental issues.

After being declared Time Journal’s “Particular person of the 12 months” this week, Musk declared that Dogecoin is “higher fitted to transactions” than Bitcoin.

“The whole transaction circulation that you just do with Dogecoin, like transactions per day, is far increased potential than Bitcoin,” he stated, including to a longstanding record of public reward of DOGE.

Lifeless-dog bounce?

Zooming out, nevertheless, the temper amongst analysts is bleak in terms of a broader altcoin resurgence.

Associated: Bitcoin loses $48K on Wall Street open as trader warns altcoins look ‘rekt’ against BTC

With Bitcoin sustaining its 40% market cap dominance whereas itself failing to reverse its downtrend, little hope is at the moment circulating in terms of contemporary features for bagholders — not less than this yr.

“Beginning to get some June/July emotions on the markets during which we’re simply chopping round, slowly consolidating in the direction of a bottoming construction, whereas the mass is ready for a decrease stage to be hit, which they’ll in all probability miss,” Cointelegraph contributor Michaël van de Poppe forecast in a extra optimistic commentary Wednesday.

After consolidating, DOGE/USD was again beneath the $0.20 mark on the time of writing.