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Highlights
- Elon Musk on Tuesday announced that Tesla will be accepting Dogecoin (DOGE) as a mode of payment.
- Just minutes after the tweet, DOGE jumped by 16%. It further consolidated by rallying by 32%.
On a day when crypto market is seeing a torrid run, Elon Musk came to rescue the market with a massive announcement. The Tesla Inc. chief announced via tweet that the electric carmaker will be accepting Dogecoin (DOGE) as a mode of payment.
A long-time supporter of Dogecoin, Musk has often suggested that the 10th ranked crypto is perhaps better than Bitcoin largely from the energy consumption point of view. In May, he claimed that Tesla would consider other cryptos that would use lesser energy than Bitcoin’s energy usage per transaction as that would be cost effective. He had backed Dogecoin largely due to its ability to speed up block time by 10X, increase block size by 10X & slashes fee by 100X.
DOGE skyrockets by 32%
It seems this was much-needed revival that the crypto market needed as just minutes after the tweet, DOGE jumped by 19%. At the time the report was filed, Dogecoin was up 32% in the last 24 hours with a live market cap of US $27,963,855,512. The 24-hour trading volume was around US $3,814,690,556.
This has revived the market sentiments among the DOGE investors who are now bullish about the future of the token.
Image Courtesy: Trading View
The RSI line (relative strength index), which was struggling right at the bottom, suddenly saw a major spike following the announcement. At present, the DOGE technical indicates that the bulls have risen from its slumber and moving towards a solid rally.
The Moving Average Convergence Divergence (MACD) chart further highlights that that the signal line (blue line) is out charging the red histogram, which indicate the bears and is looking to breakout from the clutches of the bears.
Market experts believe that this could kickstart a prolonged bull run for the coin in the coming weeks. They believe that such a rally could even help DOGE touch US$1 by the end of 2021 itself or by Q1 of 2022.
