Dogecoin (DOGE) Tesla CEO Elon Musk saw a sudden price increase on December 14 after Tesla said it would start accepting some purchases.
According to Cointelegraph Markets Pro and TradingView, DOGE / USD rose 25% to become the only major cryptocurrency to generate revenue that day.
Altcoin from Mem is tracking Bitcoin (BTC) and other high-end tokens over the weekend, but due to the change it has given DOGE owners a 10% increase per week.
The move came after builder Musk said he began accepting DOGE.
“With Tesla Doge, you can buy a product and see what it looks like,” he said on Twitter.
You can buy a product with Tesla Doge and see what it looks like
– Elon Musk (@elonmusk) December 14, 2021
In doing so, Tesla has taken a different position in making Dogecoin only one of all possible cryptographic options. Musk has angered Bitcoin investors, mainly due to environmental reasons that allowed Tesla to buy BTC for cars.
After Time magazine published its “Man of the Year” this week, Musk said Dogecoin is “better for transactions” than Bitcoin.
“Most transactions you make with Dogecoin, like daily transactions, are more powerful than Bitcoin,” he says, praising DOGE for several years. .
Is the dead dog jumping?
The downside, however, is that analysts are less optimistic when it comes to the overall altcoin revival.
Related: Bitcoin lost $ 48,000 on Wall Street as trader warns the “right” altcoins of BTC.
With Bitcoin retaining 40% control of the market and not changing its downward trend, there is little hope for new gains for investors now – this year.
“We just started to have a feeling of the markets breaking in June / July, then merging away from the lower structure and waiting for the masses to reach a low level, they might lose,” Cointelegraph Michael van de Poppe said in a statement. good news for wednesday thinking.
Following the merger, DOGE / USD was below the $ 0.20 mark at the time of writing.