Elon Musk and Tesla Save Dogecoin from Trouble, Helping it Gain 25% Rally

It was on Tuesday, December 14, 2021, when the price of Dogecoin (DOGE) ended up experiencing a rise in its price. According to the performance from TradingView, DOGE’s price experienced a sudden rise in its price. As a result, DOGE’s price experienced a surge that has put life back into the meme coin.

According to reports, the rise in the price of DOGE was due to an announcement that was made by Tesla and its CEO “Elon Musk”. It has been revealed in the announcement that Tesla will start accepting Dogecoin on its platforms. It has been revealed that the customers will now be able to make purchases through Dogecoin.

Several on-chain data analyzing firms such as TradingView and Glassnode show that the price of DOGE has surged over 25%. Among the rest of the major cryptocurrencies, Dogecoin is the only cryptocurrency that has observed gains on December 14, 2021.

DOGE had ended up following the same trend as the rest of the major cryptocurrencies. The plunge started a couple of weeks back when China pushed cryptocurrencies out of its land. This is what caused the price of DOGE to take a plunge as well, causing it to take a huge dip in terms of its price.

In the past 30-days, the price of DOGE has plummeted by 30.71%, but it started demonstrating a recovery starting last week. This is very promising for DOGE and may help its price grow further in the upcoming days.

Elon Musk even made the announcement of accepting DOGE as a mode of payment for merchandise purchases through his Twitter profile. The announcement made by Elon Musk seems to have injected the soul back into DOGE.

It seems that for the first time in several months, DOGE will be able to bring in gains for its investors. The data surrounding TradingView suggests that the investors may try to push the price of DOGE in the upper direction.

As of now, the price of DOGE is at $0.1908 per DOGE, which means that it is going in the right direction. Prior to Musk’s announcement on December 14, the price of DOGE was at $0.15 per DOGE. However, as Musk made the announcement about adopting DOGE, its price went all the way up to $0.21 per DOGE during the day. However, DOGE ended the day at a price of $0.18.

Although it wasn’t able to remain above the $0.20 per DOGE price, yet it did manage to cross the 20-day SMA price of $0.18 per DOGE. As of now, DOGE price is growing higher and the investors may attempt to bring its price over the 100-day SMA ($0.23).