Dogecoin-the meme based cryptocurrency rallied sharply by over 20 percent in trade on December 14, 2021 after Elon Musk-CEO and Founder of Tesla on Tuesday said the electric car manufacturer would accept dogecoins for its merchandise payments on a trial basis.
The tweet by billionaire Elon Musk read "Tesla will make some merch buyable with Doge & see how it goes". Low/ high price of the crypto during the last 24 hours is $0.152/$0.2129, while its previous closing price as on December 13 as per Coinmarketcap.com data has been $0.1576. Last at around 9:40 pm (IST), the cryptocurrency with gains of over 20 percent traded at $0.1923.
Previously also Elon Musk came in the support of Dogecoin's development as well as adoption even though its creators gave up on the project way back in 2015. He has been influencing the crypto through his regular tweets on it. In February this year he posted a photo of a rocket placed next to the moon and followed that picture with a one-word tweet which said 'Doge'- an interpretation of the saying 'going to the moon' that means asset price gains here.
Later in May, Elon Musk via a tweet said that he is working with the developers of Dogecoin to streamline system efficiency. Thereafter in June he again via a tweet said that it is 'important to support' a plan that seeks to reduce Dogecoin fees.
Often on Musk's tweets, the crypto market has recorded sharp fluctuations this year and likewise dogecoin has seen a whopping increase in its value by 3935% on a YTD basis.