The community of cryptocurrency enthusiast was left disappointed when Elon Musk confirmed that Tesla would not be accepting Dogecoin for the time being. After a positive day, DOGE surged by 25%.

Elon Musk has confirmed that Tesla will accept Dogecoin for merchandise. This news has caused the value of DOGE to increase by 25%. Read more in detail here: elon musk dogecoin.

On December 14, Dogecoin (DOGE) witnessed a significant price boost when Elon Musk stated that Tesla will accept it for certain sales.

Dogecoin gains 25% after Elon Musk confirms Tesla will accept DOGE for merchandise1 hour candle chart for DOGE/USD (Bittrex). TradingView is the source of this information.

DOGE/USD climbed over 25% according to data from Cointelegraph Markets Pro and TradingView, making it the only major cryptocurrency to rise on the day.

The meme-based cryptocurrency had been lagging behind Bitcoin (BTC) and other large-cap tokens this week, but a reversal delivered DOGE investors a 10% weekly gain.

Following Tesla CEO Elon Musk’s announcement that the automaker will soon begin taking DOGE for items, the change was made.

He tweeted, “Tesla will make some items buyable with Doge and see how it works.”

Tesla will sell some stuff with Doge and see how things go.

December 14, 2021 — Elon Musk (@elonmusk)

As a result, Tesla takes the unique step of accepting just Dogecoin out of all the cryptocurrency alternatives available. Musk runs the danger of enraging Bitcoin supporters, having previously authorized then disallowed Bitcoin payments for Tesla automobiles due to purported environmental concerns.

Musk said that Dogecoin is “better suited for transactions” than Bitcoin after being named TIME Magazine’s “Person of the Year” this week.

“The overall transaction flow that you conduct with Dogecoin, like transactions per day, has a far bigger potential than Bitcoin,” he stated, adding to a lengthy list of prominent endorsements for DOGE.

Is it possible to bounce a dead dog?

When it comes to a larger altcoin comeback, experts, on the other hand, are pessimistic.

Bitcoin drops $48K on Wall Street’s opening day as a trader cautions that altcoins are’rekt’ in comparison to BTC.

With Bitcoin retaining its 40 percent market cap domination while failing to reverse its decline, there is little reason to believe that bagholders will see new profits this year.

“On the markets, we’re starting to get some June/July feelings in which we’re just chopping around, slowly consolidating towards a bottoming structure, while the mass is waiting for a lower level to be hit, which they’ll probably miss,” Cointelegraph contributor Michal van de Poppe predicted in a more upbeat commentary on Wednesday.

DOGE/USD fell back below $0.20 at the time of writing after consolidating.

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Elon Musk has confirmed that Tesla will accept Dogecoin for merchandise. The cryptocurrency gained 25% after the announcement. Reference: elon musk talks about dogecoin.

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