Since the announcement Bitcoin and Ethereum have continued to fall for the last 24 hours, while Dogecoin has gone on a rally.
Tesla CEO Elon Musk said on Tuesday that electric carmaker will accept Dogecoin as payment for its merchandise, sending the meme-based cryptocurrency soaring by 24 percent. Musk, who was named Time Magazine’s “Person of the Year’ on Monday said during an interview with the publication that the meme-based Dogecoin is much better than Bitcoin for everyday payments. The cryptocurrency market has seen major fluctuations this year, often in response to Musk’s tweets. This time too it wasn’t any different after the cryptocurrency enthusiast made the comments, which sent Dogecoin on a rally. However, Dogecoin will be accepted only on a test basis for the time being. “Bitcoin is not a good substitute for transactional currency. Even though it was created as a silly joke, Dogecoin is better suited for transactions.
