Cryptocurrency value

Dogecoin value 2022: Why did Elon Musk drive up the value of the cryptocurrency?

Updated

01/15/2022 –
01:27

Dogecoin rose to $0.20 – a 15% increase in value – after the billionaire Elon Musk announcement You’re here would accept cryptocurrency to purchase goods.

The cryptocoin with the shiba inu dog meme originally started as a joke, but Musk’s various tweets about it helped Dogecoin rise by 5,859% over the past 12 months, according to Coinbase. Tesla’s website began accepting Dogecoin soon after, with things like a electric quad for kids priced at 12,020 doges ($2,368), the “Giga Texas Belt Buckle” for 835 doges ($156), and a whistle for 300 doges ($57).

Elon Musk’s History with Dogecoin

This is just one of many tweets from Musk regarding Dogecoin, the first to come December 20, 2020 when he tweeted, “One word: Doge.” Shortly after his tweet, the value of Dogecoin increased by 20%.

Musk followed that post up with a deluge of Dogecoin-related tweets in February 2021, including, “Dogecoin is the people’s crypto” and “no highs, no lows, only Doge.” After these tweets, the value of Dogecoin soared by approximately 40%.

After a full year of supporting Dogecoin, the December 14 Musk said Tesla would accept cryptocurrency to pay for the merchandise. Dogecoin rose by more than 20% after his tweet.