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Dogecoin price up 35% after the announcement Musk (Tesla)

On Tuesday, Elon Musk, CEO and Founder of Tesla, announced that the electric car manufacturer would accept dogecoins for merchandise payments on a trial basis. Dogecoin surged by more than 20 percent in trade on December 14, 2021.

Dogecoin price up 35% after the announcement Musk (Tesla)
Dogecoin price up 35% after the announcement Musk (Tesla)

"Tesla will make some merch buyable with Doge & see how it goes," tweeted billionaire Elon Musk. Coinmarketcap.com data shows that the cryptocurrency's lowest/highest price in the last 24 hours was $0.152/$0.2129, while its previous closing price was $0.1576 on December 13.

The cryptocurrency was trading at $0.1923 at around 9:40 p.m. (IST) and had gained more than 20 percent. Elon Musk has previously expressed his support for Dogecoin's growth and adoption, even though the project's creators abandoned it in 2015. Cryptocurrency has been influenced by his regular tweets about it. 

For his one-word tweet, he tweeted "Doge" in February, interpreting the saying "going to the moon means asset price gains in this country" to mean going to the moon. Musk later tweeted that he was working with Dogecoin developers to improve system efficiency.

After that, in June, he tweeted that a plan to reduce Dogecoin fees was "critically important to support".

Dogecoin's value has risen 3935 percent year-to-date, as Musk frequently mentions in his tweets about the volatile crypto market.

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