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Dogecoin (DOGE) Soars After Elon Musk Says Tesla to Accept Some DOGE Payments

Dogecoin (DOGE) Soars After Elon Musk Says Tesla to Accept Some DOGE Payments

Nick Cawley, Senior Strategist
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Dogecoin (DOGE) Chart and Analysis

  • Elon Musk says Tesla will Accept Dogecoin for some products.
  • Dogecoin is better than Bitcoin for transactions says Musk.
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Elon Musk has sent the price of Dogecoin soaring in the past few minutes after tweeting that Tesla will accept DOGE as payment for some of the company’s products.

Dogecoin jumped by over 20% on Musk’s endorsement.

Dogecoin (DOGE/USD) Daily Price Chart – December 14, 2021

Chart via TradingView

In an article in Time Magazine on Monday, after being awarded the magazine’s Person of the Year for 2021, Musk also spoke about the meme-inspired coin.

‘Fundamentally, Bitcoin is not a good substitute for (a) transactional currency. Even though it was created as a silly joke, Dogecoin is better suited for transactions’. He added that while Bitcoin was more suitable as a store of value, dogecoin ‘encourages people to spend, rather than hoard as a store of value’.

What is your view onDogecoin – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.