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Tesla accepts DOGE as a means of payment for merchandise: Elon Musk lets Dogecoin increase by 25 percent



As soon as it is accepted, DOGE will be the only cryptocurrency that can be used to pay for certain goods at Tesla.


Dogecoin ( DOGE ) saw a sudden surge in price on December 14th after Tesla CEO Elon Musk announced that Tesla would accept Dogecoin for some purchases.


Data from Cointelegraph Markets Pro and TradingView show that the DOGE / USD, rose over five and 20 percent, making it the only major cryptocurrency to gain that day.


Meme altcoin has declined over the week, as has Bitcoin ( BTC ) and other large tokens. But with this trend reversal, DOGE was able to secure a plus of 10 percent over the week.


It happened when Musk announced that the Tesla would soon accept DOGE for goods.



"Tesla will accept DOGE for some goods and see how it goes," he tweeted 


This puts Tesla in the unusual position of only accepting Dogecoin as a means of payment of all possible crypto currencies. In doing so, Musk risks angering Bitcoin proponents in particular. He had previously also accepted BTC when buying Tesla vehicles and then removed it from the list of accepted payment methods due to environmental concerns .


After being named "Person of the Year" by Time Magazine this week , Musk stated that Dogecoin was "better for transactions" than Bitcoin.


"The entire flow of transactions that you handle with Dogecoin, including transactions per day, has a much higher potential than Bitcoin," he said. He has long been known for actively promoting DOGE .


Deceptive increase?

Analysts are more pessimistic about a bigger rally on the altcoin.


In this regard:  Bitcoin falls below $ 48,000: old season has yet to wait


Bitcoin still has a 40 percent market share, although it is still on a downward trend. Therefore, the hope of new growth this year is currently very low.


"We are starting to get June / July sentiments in the markets. The path is very bumpy and we are slowly moving towards a bottoming out. Meanwhile, the crowd is waiting for it to fall to a lower level, which is unlikely to happen," as Cointelegraph employee Michaël van de Poppe forecast on Wednesday .



After consolidating, DOGE / USD was back below the $ 0.20 mark at press time.

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