Dogecoin up 25% after Elon Musk confirms Tesla will accept DOGE

DOGE’s price rose on December 14 after Elon Musk announced that Tesla would start accepting the top coin meme for some purchases.

Candlestick chart DOGE / USD 1 hour | Source: TradingView

Data from TradingView shows that DOGE’s price rose more than 25% and became the only major cryptocurrency to make a profit that day.

Meme-based altcoins fell in line with Bitcoin and other large-cap tokens over the course of the week, but the latest change has pushed DOGE price up nearly 13% on the weekly chart.

This move comes after Tesla boss Musk notification Electric car manufacturers will soon be accepting DOGE payments for goods.

“Tesla will soon be accepting DOGE as a payment method for some goods. Lets see how it will evolve.”

It’s worth noting that Tesla only accepts DOGE out of all the potential picks of the crypto space. Accordingly, there is a risk that Musk will make Bitcoin proponents uncomfortable. After Tesla accepted BTC as a payment method for less than 2 months, Tesla announced that it will be closing due to environmental concerns.

After Musk was named “Person of the Year” by TIME Magazine this week, he declared DOGE to be “better suited to transactions” than Bitcoin.

“The total amount of transactions you do with DOGE, like transactions per day, is probably much higher than with Bitcoin.”

Deadly impact?

However, the sentiment among analysts is rather gloomy when it comes to the overall resurgence of the altcoin market.

With Bitcoin maintaining its market capitalization at 40% and the price still unable to reverse the downtrend, holders have little hope of new profits, at least this year.

“At first, having a certain June / July feeling in the markets, slowly consolidating towards a bottoming structure while the crowd waits for lower lows that they will likely miss,” analyst Michaël van de Poppe forecast in further optimistic comments on Wednesday.

After consolidation, DOGE price has returned to $ 0.199 at press time.

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