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Dogecoin Rallies 25% as Elon Musk Confirms its Acceptance for Merchandise

Dogecoin rallied earlier today even though most of the other altcoins and Bitcoin itself posted some losses again. The premier meme cryptocurrency is once again feeding off from Elon Musk’s tweetstorms. This reminds us of the massive bullish pattern the cryptocurrency made during the first half of this year when its price rose by more than 100 times, fuelled by Musk’s tweets and the larger strong Reddit community.


Dogecoin Rises 25%

Dogecoin posted a strong growth earlier today, rising from weekly lows of around $0.152 to get to as high as $0.2129 at one point before receding back to around $0.182 at press time. But, even now, Dogecoin is up almost 18% from its starting point in the previous 24 hours.

The sudden rise in price index is still far from its all time highs of around $0.73 set in May earlier this year. So, if the cryptocurrency can repeat its magic of that time, it can easily go on above this level and post new highs.

What Caused this Sudden Increase in Value?

Dogecoin suddenly shot up in value as Elon Musk after months of tweeting about Dogecoin and Bitcoin finally posted something tangible about the cryptocurrency rather than just silly memes and drumming up dying rhetoric.

This time he announced that Tesla is now accepting Dogecoin for purchasing merchandise through its official online store. While not all products are available for purchase through the cryptocurrency, it is still a start for it. The move is a watershed moment for the dog-themed coin as previously, Musk had only drummed up interest in the crypto through banter alone. He hadn’t announced Dogecoin as an acceptable digital currency even though he had allowed Bitcoin itself.

This issue was raised by some in the crypto community as they pointed out that Dogecoin was only good for his memes and not his actual investments and acceptance. Musk famously led Tesla to invest as much as $1.5 billion in Bitcoin earlier this year, back when the index was around $37.5k. The company announced this purchase amid much fanfare but any news of investment in Dogecoin was conspicuously missing.

Musk Finally Doing Something for Dogecoin?

Now, it seems like he is looking to put his money where his mouth is. He has allowed users to purchase some of the merchandise through Dogecoin. Musk also pointed it out that it was just a trial run. He said:


Tesla is now only accepting Dogecoin as payment. It previously used to accept Bitcoin as well during the early part of the year but it famously dropped it and is now reportedly close to accepting it again, if you believe Elon Musk’s tweets that is.

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