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As the price of bitcoin struggles to hold the US$ 47,000 support, the price of Dogecoin (DOGE) skyrocketed on Tuesday (14). Boosted by a tweet from Elon Musk, the memecoin has seen an increase of almost 40% in the past 24 hours.

According to data from CoinMarketCap, the price of Dogecoin rose as high as US$ 0.2175 during the new wave of appreciation. The altcoin’s price reacted to a message posted by the billionaire stating that DOGE may be accepted as a form of payment on Tesla-branded products.

“Tesla is going to allow some products to be purchased with DOGE to see how it goes”.

Before accepting the memecoin, the company accepted payments with bitcoin, but Elon Musk suspended them in May 2021. At the time, the world’s richest man claimed that bitcoin transactions were not sustainable and consumed too much electricity.


Dogecoin price on December 14 (Reproduction/CoinMarketCap)

Still, on the morning of Tuesday (14), the price of Dogecoin registered values close to US$ 0.154. Shortly after Elon Musk’s announcement, the price of memecoin skyrocketed in the market, accumulating an appreciation of almost 40%.

However, after reaching a daily high of around US$ 0.2175, the price of memecoin has undergone a correction in the following hours, and was still quoted at US$ 0.1836.

Known as the “father of Dogecoin”, Elon Musk intends to adopt the altcoin as a means of payment for Tesla-related products. However, he has not announced when the cryptoasset will be officially integrated into the company’s payment system.