Dogecoin leaps 25% after Musk announces DOGE payments for Tesla merch

Dogecoin leaps 25% after Musk announces DOGE payments for Tesla merch


Dogecoin (DOGE) prices rose substantially on Jan. 14 as Elon Musk announced that Tesla would start accepting it as payment for merchandise. 

Tesla merch buyable with Dogecoin

— Elon Musk (@elonmusk) January 14, 2022

After the announcement, DOGE price jumped nearly 13%, hitting a 30-day high of $0.2150. Its upside move came as a part of a larger intraday rally that already was taking place before Musk’s Dogecoin tweet went viral.

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The DOGE price went up by over 25% on Jan. 14 before correcting lower to $0.1986 on profit-taking.

DOGE/USD hourly price chart. Source: TradingViewBetter than Bitcoin

Tesla’s integration of a DOGE payment option on its online shopping portal came almost a month after Musk shared his willingness to accept the cryptocurrency as payment on a test basis.

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