DOGE Sucking Liquidity from Crypto Market Again, Tesla to Accept Dogecoin Again For Merch

The price of DOGE spiked more than 34% in a matter of two hours, going as high as $0.212, thanks to Elon Musk.

The meme coin has been struggling even more than the rest of the crypto market, being down about 79% from its all-time high in May, as per CoinGecko, only to see some relief today.

The $27 billion market cap cryptocurrency has constantly been going down since the last seven months when it topped during Musk’s appearance on SNL. At the time, he had called it a “hustle.”

Now, Musk mentioning DOGE has its prices pumping yet again while the broad crypto market struggles in a sea of red in anticipation of the Federal Reserve’s two-day meeting this week that wraps up on Wednesday.

DOGE doing the liquidity blackhole thing again

— Hsaka (@HsakaTrades) December 14, 2021

DOGE has already pared some of its gains as it trades at 0.20.

This latest bout of volatility resulted from electric car maker Tesla's CEO announcing on Twitter that the company will accept Dogecoin as payment for its merchandise.

In May this year, Musk’s SpaceX also said that it would launch a satellite called Doge-1 to the moon in the first quarter of next year.

“Mission paid for in Doge. 1st crypto in space. 1st meme in space. To the mooooonnn!!” Musk tweeted then.

Tesla will make some merch buyable with Doge & see how it goes

— Elon Musk (@elonmusk) December 14, 2021

Tesla is not the first company to accept DOGE, many companies already accept the meme coin as payment. In March, billionaire Mark Cuban announced that Dallas Mavericks would accept DOGE for tickets and merch through BitPay and in the following month reported a 550% increase in DOGE payments.

At the time, Cuban also said that the NBA basketball team would also HODL the meme coin to the moon and beyond.

While DOGE didn’t reach the $1 moon target that enthusiasts were hoping to hit this bull run, not everyone has lost the hope yet.

You're wondering when btc $10k

I'm wondering when doge $10

We are not the same

— Zhu Su 🔺 (@zhusu) December 14, 2021