Dogecoin (DOGE) skyrocketing after Elon Musk says Tesla will start accepting it as payment

On 14th December, DOGE price went up by over 25% and became the only major cryptocurrency to deliver gains for the day as the rest of the coins including Bitcoin (BTC) and Ethereum (ETH) nose-dived.

After consolidating, DOGE is currently trading at $0.1819 and still in the green with a 13.17% rise in the last 24 hours.

Why is Dogecoin (DOGE) price rising?

Previously, DOGE had followed Bitcoin (BTC) and other major Cap tokens in the drop over the course of the week.  

The current DOGE price rise is attributed to Elon Musk’s announcement that DOGE will soon be accepted as payment for merchandise by Tesla.

The current turnaround for the meme coin that had been on a slippery slope has given DOGE holders 10% weekly gains.

Musk tweeted that Tesla will make some merchandise buyable using DOGE and see how it goes.

pic.twitter.com/tXh5YSq2lX

— أحمد (@A7imd) December 14, 2021

After the announcement, Tesla adopted the unusual way of only accepting one cryptocurrency (Dogecoin) out of all possible cryptocurrency options.

The move is seen as a risk by Musk to challenge Bitcoin supporters after he disqualified BTC purchases for Tesla vehicles allegedly due to environmental concerns.

Musk ‘’person of the year’’ as declared in the Time Magazine, said that Dogecoin is better for transactions than Bitcoin, adding to the longstanding public praise record for DOGE.

“The total transaction flow that you do with Dogecoin, like transactions per day, is much higher potential than Bitcoin.”