Dogecoin Gains 25% After Elon Musk Confirms Tesla Will Accept DOGE For Goods

Dogecoin ( DOGE ) experienced a sudden price hike on December 14 after Elon Musk announced Tesla would start accepting him for some purch...

Dogecoin (DOGE) experienced a sudden price hike on December 14 after Elon Musk announced Tesla would start accepting him for some purchases.

1 hour DOGE / USD candle chart (Bittrex). Source: TradingView

Data Cointelegraph Markets Pro and TradingView showed DOGE / USD climbed over 25% to become the only major cryptocurrency to generate gains on the day.

Memes-based altcoin had followed Bitcoin (BTC) and other large cap tokens on the decline over the week, but the turnaround gave DOGE holders 10% weekly earnings.

The move came after Tesla CEO Musk announced that the automaker would soon begin accepting DOGE as a commodity.

“Tesla will do some buyable products with Doge and see how it goes,” he said. tweeted.

In doing so, Tesla takes the unusual stance of only accepting Dogecoin out of all possible cryptocurrency options. Musk risks annoying Bitcoin supporters in particular, having previously authorized the disqualified BTC is buying Tesla vehicles due to alleged environmental concerns.

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

“The total flow of transactions you make with Dogecoin, like transactions per day, is a much higher potential than Bitcoin,” he said, adding to a long standing record of public praise from DOGE.

Dead dog bounce?

However, as you zoom out, the mood among analysts is grim when it comes to a wider altcoin resurgence.

Related: Bitcoin Loses $ 48,000 On Wall Street Open As Trader Warns Altcoins Look ‘Rekt’ Against BTC

With Bitcoin maintaining its 40% dominance over market cap while failing to reverse its downtrend, little hope is currently circulating for further gains for bag holders – at least this year.

“Starting to experience June / July feelings in the markets we are moving through slowly consolidating towards a trough pattern as mass waits for a lower level to be hit which it will miss probably “, Cointelegraph contributor MichaĆ«l van de Poppe provide in more optimistic comments Wednesday.

After the consolidation, the DOGE / USD has returned below the $ 0.20 mark at the time of writing.