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Musk stirred DOGE market sentiment again

December 14, 2021
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Musk stirred DOGE market sentiment again

On December 14, Tesla founder Elon Musk said on Twitter that the electric car manufacturer will accept Dogecoin (DOGE) as a payment method for some products on a test basis. As soon as the tweet came out, DOGE rose by 46.6%. It has become one of the few rising currencies in the crypto asset market.

The “Godfather” who stirred the Dogecoin market is back

People dubbed Musk “Dogecoin Godfather.” Only this year, the founder of Tesla relied on his personal remarks. The DogeCoin, which was created 7 years ago as a joke, has increased more than 140 times from the price of a few cents. As a result, a Meme coin sector was formed in the coin market. Dogecoins with various animal concepts appear on the market with a super large circulation. Push up the speculative sentiment of small fights.

This time, the news that Tesla accepted Dogecoin as a payment for some of its products once again drove DOGE up. It once again proved the emotional market characteristics of Meme coin. How long can the news-driven increase last?

Tesla will accept Dogecoin for some products

On December 14, Tesla founder Elon Musk tweeted about the use case dynamics of DOGE.

Tesla will make some merch buyable with Doge & see how it goes

— Elon Musk (@elonmusk) December 14, 2021

On December 14, Tesla founder Elon Musk tweeted about the use case dynamics of DOGE.

As soon as the tweet came out, DOGE bucked the trend and rose against the backdrop of the overall decline in the crypto asset market. It once rushed to $0.22 from the vicinity of $0.15, an increase of 46.6% within 2 hours. After 4 hours, it fell to near $0.19.

Musk did not specify which products can be purchased with Dogecoin. Looking at the Tesla brand, the price of its peripheral products ranged from US$50 to US$1,900. Including clothing, belts and mini models of Tesla vehicles. Not long ago, after the release of the new Cybertruck model on December 10, the peripheral Cyberwhistle (Tesla whistle) was launched based on this model, priced at $50.

Whether these Tesla peripherals support Dogecoin payment is still unknown. But Musk, who has more than 66 million Twitter followers, is well-known for his ability to make orders.

According to Coingecko data, Musk’s tweets about Dogecoin, including his tweets calling Dogecoin “the people’s cryptocurrency“, helped the crypto asset soar 1,4406% in the past year. You know, at the beginning of the year, Dogecoin was only $0.0047. In May of this year, the month when Musk called for the most encrypted assets, Dogecoin reached the highest price of $0.6818 in history. However, it fell to a low of $0.1728 in the following two months, which was 74.6% lower than the historical high.

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