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DOGE News: Why Is Dogecoin Going Up Today?

Dogecoin (CCC:DOGE-USD) is rising higher on Tuesday and investors in the crypto have recent Elon Musk news to thank for the boost.

Doge riding a rocket to the moon representing today's news.

Source: Margaret Jung/Shutterstock.com

Elon Musk, the founder and CEO of Tesla (NASDAQ:TSLA), announced via Twitter (NYSE:TWTR) that his company will start accepting Dogecoin for payments. However, Musk notes that only certain products will be buyable with DOGE.

According to Musk’s Tweet, Tesla will be allowing payments with Dogecoin for merchandise. That suggests that customers won’t be able to purchase their next electric vehicle (EV) from the company with the Shiba Inu-inspired crypto.

You can check out the Tweet from the Tesla CEO below!

With the recent DOGE news from Musk, he’s finally following up on a poll posted back in May. At that time, the Tesla founder asked users on Twitter if they wanted his company to accept Dogecoin as a form of payment.

Reactions to that poll were overwhelmingly positive with 78.2% of respondents voting in favor of Tesla accepting the crypto as a form of payment. The remaining 21.8% voted against the idea.

Unfortunately, we still don’t know much about Elon Musk’s plans for Tesla and Dogecoin. The company CEO didn’t say when users can accept TSLA to start accepting DOGE but there will likely be news about it in the coming days.

The price of DOGE got a 20% boost today over a 24-hour period following the Musk Tweet. That’s good news for holders as the crypto has been in a bit of a slump lately. Even so, its 19-cents price is still far off from its all-time high of 74 cents earlier this year.

Investors looking for more crypto news are in the right place!

We’ve got all the latest crypto news that traders need to know about today. That includes the latest on Crypto.com Coin (CCC:CRO-USD), Floki Inu (CCC:FLOKI-USD), as well as what to expect during the crypto winter. You can find all of that at the following links!

More Crypto News for Tuesday

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2021/12/doge-news-why-is-dogecoin-going-up-today/.

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