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Dogecoin worth 2022: Why did Elon Musk make the cryptocurrency’s worth rise?

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Dogecoin rose to $0.20 – a 15% enhance in worth – after billionaire Elon Musk introduced Tesla would settle for the cryptocurrency for buying merchandise.

The cryptocoin with the shiba inu canine meme initially began as a joke, however Musk’s varied tweets about it have helped Dogecoin enhance by 5,859% over the previous 12 months, in accordance with Coinbase. Tesla’s web site began accepting Dogecoin quickly after, with objects resembling an electrical quad bike for teenagers priced at 12,020 doge ($2,368), the “Giga Texas Belt Buckle” for 835 doge ($156), and a whistle for 300 doge ($57).

Elon Musk’s historical past with Dogecoin

This is only one of many tweets by Musk relating to Dogecoin, the primary one coming December 20, 2020 when he tweeted, “One Word: Doge.” Shortly after his tweet, the worth of Dogecoin rose by 20%.

Musk adopted that publish with a barrage of Dogecoin-related tweets in February 2021, together with, “Dogecoin is the people’s crypto,” and “no highs, no lows, only Doge”. After these tweets, Dogecoin’s worth soared by roughly 40%.

After a full 12 months of exhibiting help for Dogecoin, on December 14 Musk stated Tesla would settle for the cryptocoin to pay for merch. Dogecoin spiked greater than 20% after his tweet.

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