Dogecoin (DOGE<\/a>) saw a sudden price increase on Dec. 14 after\u00a0Tesla CEO Elon Musk announced that Tesla would begin accepting it for some purchases.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0showed DOGE\/USD climbing over 25% to become the only major cryptocurrency to deliver gains on the day.<\/p>\n The meme-based altcoin had followed Bitcoin (BTC<\/a>) and other large-cap tokens downward over the course of the week, but the turnaround gave DOGE holders 10% weekly gains.<\/p>\n The move came after Musk announced that the automaker would soon begin accepting DOGE for merchandise.<\/p>\n \u201cTesla will make some merch buyable with Doge & see how it goes,\u201d he tweeted<\/a>.<\/p>\n Tesla will make some merch buyable with Doge & see how it goes<\/p>\n \u2014 Elon Musk (@elonmusk) December 14, 2021<\/a><\/p><\/blockquote>\n In doing so, Tesla adopts the unusual position of accepting only Dogecoin out of all possible cryptocurrency options. Musk risks irking Bitcoin proponents, in particular, having previously allowed then disqualified<\/a> BTC purchases for Tesla vehicles over alleged environmental concerns.<\/p>\n After being declared Time Magazine\u2019s \u201cPerson of the Year\u201d this week, Musk declared<\/a> that Dogecoin is \u201cbetter suited for transactions\u201d than Bitcoin.<\/p>\n \u201cThe total transaction flow that you do with Dogecoin, like transactions per day, is much higher potential than Bitcoin,\u201d he said, adding to a longstanding record<\/a> of public praise of DOGE.<\/p>\n Zooming out, however, the mood among analysts is bleak when it comes to a broader altcoin resurgence.<\/p>\n Related:\u00a0Bitcoin loses $48K on Wall Street open as trader warns altcoins look \u2018rekt\u2019 against BTC<\/a><\/em><\/strong><\/p>\n With Bitcoin maintaining its 40% market cap dominance while itself failing to reverse its downtrend, little hope is currently circulating when it comes to fresh gains for bagholders \u2014 at least this year.<\/p>\n \u201cStarting to get some June\/July feelings on the markets in which we\u2019re just chopping around, slowly consolidating towards a bottoming structure, while the mass is waiting for a lower level to be hit, which they\u2019ll probably miss,\u201d Cointelegraph contributor Micha\u00ebl van de Poppe forecast<\/a> in a more optimistic commentary Wednesday.<\/p>\n After consolidating, DOGE\/USD was back below the $0.20 mark at the time of writing.<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/0fb418fb-611c-492a-a070-cb78534398b0.png\")
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Dead-dog bounce?<\/h2>\n