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Elon Musk revives Dogecoin (DOGE) - price rises by over 30%



It appears that DOGE is the only cryptocurrency Tesla currently supports, as suggested by a tweet from Elon Musk. As soon as the news was read on Twitter, Dogecoin experienced a strong boom.

Elon Musk adds momentum to Dogecoin

Tesla CEO Elon Musk has barely written on Twitter that the company will sell merchandise and accept Dogecoin for it than the price has shot up by more than 30%. With this increase, DOGE is one of the winners of the day.

The meme-based coin has gone down like the rest of most altcoins but was able to deliver a 10% profit to DOGE traders through an initial thrust reversal.

The biggest boost came after Musk reported that Tesla would soon be adopting DOGE.

As he wrote on Twitter:

"Tesla will buy merchandise at Doge and see how it goes."

With this step, Telsa takes an unusual position, as only DOGE are accepted of all cryptocurrency options. With this decision, Musk will certainly be able to hear the displeasure of many Bitcoin proponents, as he had previously ruled out BTC as a payment option for Tesla due to alleged environmental concerns.

Just this week Elon Musk was named “Person of the Year” by TIME magazine. Shortly afterward, he stated that Dogecoin was better for transactions than Bitcoin.

"The entire flow of transactions that you carry out with Dogecoin, like transactions per day, has a much higher potential than with Bitcoin."

However, if you take a closer look at the Dogecoin chart, many analysts agree. The altcoin is going downhill.

As long as Bitcoin does not manage to end its downtrend, it will be difficult for all altcoins to come back up. This year the market seems to have run out of steam. It remains to be seen how 2022 will start and whether it will be as bullish for the crypto market as 2021.

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