After Musk announcement, the price of Dogecoin increased by 35%

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On Tuesday, Tesla’s CEO and Founder, Elon Musk, stated that the electric car company would accept dogecoins for merchandise payments for a limited time.

On December 14, 2021, the price of Dogecoin increased by more than 20%.

Elon Musk, the entrepreneur, tweeted, “Tesla will make some stuff buyable with Doge and see how it goes.” The cryptocurrency’s lowest/highest price in the last 24 hours was $0.152/$0.2129, according to Coinmarketcap.com, while its previous closing price was $0.1576 on December 13.

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At 9:40 p.m. (IST), the cryptocurrency was trading at $0.1923 and had risen more than 20%. Even though the project’s designers abandoned it in 2015, Elon Musk has previously stated his support for Dogecoin’s growth and adoption, and his constant tweets regarding cryptocurrency have impacted.

He tweeted “Doge” in February as his one-word tweet, understanding the phrase “getting to the moon indicates asset price growth in this country” to mean “going to the moon.”

Musk then tweeted that he collaborated with Dogecoin developers to make the mechanism more efficient.

He then tweeted in June that a plan to lower Dogecoin costs was “critically crucial to support.”

As Musk frequently emphasizes in his tweets on the turbulent crypto market, Dogecoin’s value has surged 3935 percent year-to-date.

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