Tesla will accept Dogecoin and DOGE rises 25%
Elon Musk announced that Tesla will accept DOGE as the only cryptocurrency when the payment starts.
Dogecoin (DOGE) had a significant price surge on December 14 when Tesla CEO Elon Musk stated that the cryptocurrency will be accepted for certain transactions.
DOGE/USD 1-hour candle chart (Bittrex). Source: TradingView
After Tesla CEO’s announcement as you can see, the trading pair DOGE/USD jumped a little more than 25% on the day that making it the top coin among the major crypto assets in terms of the gains.
Major coins of the crypto market such as Bitcoin had a downward trend and so did the canine-themed altcoin. Yet, DOGE rose 10% on weekly basis after Tesla CEO’s announcement.
Elon Musk announced this in a tweet:
Source; Elon Musk’s Twitter
Since Dogecoin is the only cryptocurrency that Tesla accepts, the company has adopted an unorthodox posture. In particular, the risks enraging Bitcoin supporters since he has previously permitted and later disallowed BTC purchases for Tesla automobiles supposedly because of environmental concerns.
Musk’s announcement about DOGE came after he was elected as the “Person of the Year”, and regarding Dogecoin he also said:
“The total transaction flow that you do with Dogecoin, like transactions per day, is much higher potential than Bitcoin.”
Market emotions and sentiments
Right now, Crypto Fear & Greed Index stands at 21 showing extreme fear among the crypto market traders and investors. And if you are an experienced trader you know that extreme fear index means investors are really worried and it’s a possible buying opportunity. The opposite also holds true. Once the index shows great greed, the market could be close to a correction.
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