Bitcoin
$ 30,348
Litecoin
$ 70.48
Ethereum
$ 2,043.7

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.

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.” 

,

Source link

Related Posts

Leave a Reply

Top 10 Crypto Articles

NFT traders moving to Solana to avail of low barriers to entry
May 19, 2022By
2 reasons why the Ethereum price is plummeting
May 18, 2022By
Tron price prediction: USDD concerns remain
May 17, 2022By
Avalanche price prediction as bullish comeback fades
May 16, 2022By
Top 3 coins to buy in this highly volatile market
May 15, 2022By