Dogecoin saw a sudden price increase on 14th Dec, After Tesla CEO Elon Musk announced that Tesla would begin accepting it for some purchases.
DOGE/USD climbing over 25% to become the only major cryptocurrency to deliver gains on the day.
The meme-based altcoin had followed Bitcoin and other large-cap tokens downward over the course of the week, but the turnaround gave DOGE holders 10% weekly gains.
The move came after Musk announced that the automaker would soon begin accepting DOGE for merchandise.
Tesla will make some merch buyable with Doge & see how it goes
— Elon Musk (@elonmusk) December 14, 2021
In doing so, Tesla adopts the unusual position of accepting only Dogecoin out of all possible cryptocurrency options. Musk risks irking Bitcoin proponents, in particular, having previously allowed then disqualified BTC purchases for Tesla vehicles over alleged environmental concerns.
After being declared Time Magazine’s “Person of the Year” this week, Musk declared that Dogecoin is “better suited for transactions” than Bitcoin.
“The total transaction flow that you do with Dogecoin, like transactions per day, is much higher potential than Bitcoin,” he said, adding to a longstanding record of public praise of DOGE.