https://ift.tt/3qB9Uff Musk makes Dogecoin go up again

Elon Musk is back tweeting about Dogecoin today.

Elon Musk launches Dogecoin purchases for Tesla merchandise

In his tweet today, he announced that Tesla merchandise can now be purchased online and paid for in Dogecoin. 

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

The publication of this tweet triggered several purchases of DOGE on the crypto markets, so much so that the price of Dogecoin rose 13% in three hours.

Leap 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 already risen to $0.177 in the meantime.

So compared to last night, the price has risen by 22%, but Musk’s contribution to this rise was 13%.

This growth has meant that the current price of DOGE is 3% higher than it was a month ago, while that of BTC, for example, is still 12% lower.

Indeed, of the world’s major cryptocurrencies by market capitalization, Dogecoin is now the only one going up, with Bitcoin losing 3% since yesterday, much the same as Ethereum. The most significant losses are those of Terra, Avalanche and Polygon, over 5%.

However, it is worth mentioning that DOGE’s current price is still 73% below its all-time high of May 2021, although it is 2.100% higher than it was 12 months ago.

In particular, it still seems to be in a downward phase, which began after mid-August, when it was worth almost $0.34, and was only briefly interrupted in early October, and today.

The highest peak in recent months was $0.3 on 29 October, after which a descent began which ended yesterday at $0.14, a loss of over 50%.

A temporary rebound and the end of the downward phase?

Today’s could be either an attempt to break this downward phase, or a temporary rebound that has brought the price back to $0.2.

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

The price then rose from $0.158 to over $0.2, but then fell back to $0.164 in the following days. It might not be a coincidence that the price has also climbed back above the same $0.2 threshold today.