Elon Musk makes Dogecoin go up again

Elon Musk tweet about it again Dogecoins today.

Elon Musk launches Dogecoin purchases for Tesla goods

He announced this in his tweet today Tesla goods can now be bought online and paid for in Dogecoin.

This was announced exactly a month ago, but has now been made official.

The release of this tweet sparked multiple purchases from DOGE in the crypto markets, so much so Dogecoin price surged 13% in three hours.

DOGE gains 13%

Jump for DOGE

Until yesterday, the price was around $0.163, but with Musk’s tweet, it rose to $0.2 in a few hours, although it had since risen to $0.177.

So, compared to last night, the price is up 22%, but Musk’s contribution to that increase was 13%.

This growth has resulted in DOGE’s current price being 3% higher than it was a month ago, while BTC, for example, is still 12% lower.

In fact, out of the world’s top cryptocurrencies by market cap, Dogecoin is now the only one going up, with Bitcoin down 3% since yesterday, similar to Ethereum. The biggest losses are those of Terra, Avalanche and Polygon, over 5%.

However, it is worth noting that DOGE’s current price is still 73% below its all-time high of May 2021, despite being 2,100% higher than 12 months ago.

Notably, it still seems to be in a bearish phase that started after mid-August when it was close to $0.34 and only briefly paused in early October and today.

The highest peak in recent months was $0.3 on Oct. 29, after which a downtrend began that ended at $0.14 yesterday, down over 50%.

A temporary rebound and the end of the downside?

Today could be both an attempt to break through this downward phase, or a temporary bounce that brought the price back to $0.2.

Note that something similar happened in mid-December 2021 when Musk announced Tesla merchandise could be purchased in DOGE.

The price then surged from $0.158 to over $0.2 before falling back to $0.164 over the following days. It may not be a coincidence that the price has climbed back above the same $0.2 level today as well.

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