Dogecoin Surges Amid Reports of Tesla Payment Trial

Dogecoin Surges Amid Reports of Tesla Payment Trial
  • Dogecoin price recently surged in the last 24 hours.
  • The price surge is due to reports that Tesla is trialing the cryptocurrency for payments.
  • CEO Elon Musk also tweeted about Tesla merchandise being purchasable with Dogecoin.

Despite the bearish outlook within the cryptocurrency space, Dogecoin has been skyrocketing pretty convincingly. In fact, Dogecoin has a 7-day increase of more than 20%.

DOGE/USDT 1-hr chart (source: TradingView)

The recent price increase is due to reports that Tesla is trialing Dogecoin for payments. This was confirmed also by CEO Elon Musk through a tweet.

Elon is widely known for his long-time support of Dogecoin. On the other hand, He is critical of Bitcoin, particularly of its energy consumption requirements for mining. 

For many people, Dogecoin’s recent surge is a breath of fresh air amid a market stinking with fear and bears. In fact, most cryptocurrencies today are in the red, signifying that the bull market is nowhere in sight, at least for the time being.

If Dogecoin sustains its price increase for more than a week, there might be hope of a market turnaround for other cryptocurrencies as well. At the time of writing, Dogecoin price is at $0.189, according to CoinGecko.

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