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    Dogecoin (DOGE) soars as Tesla to accept meme crypto for `some merch'

    By Indrabati Lahiri

    12:57, 14 December 2021

    Image of dogecoin
    Musk’s preference for dogecoin is largely due to its speed per transaction – Photo: Shutterstock

    After Tesla’s recent trial with accepting bitcoin as payment for its cars, CEO Elon Musk has now tweeted that the company is looking into accepting the cryptocurrency dogecoin as payment for select merchandise.

    Following the announcement, dogecoin gained approximately 20% in the course of an hour, settling on an increase of about 15.2% over the day.

    The company’s shares had slumped recently after Musk announced that he would begin the process of divesting 10% of his stake in Tesla.

    Image of Dogecoin chart Dogecoin gained about 20% in the course of an hour – Credit: TradingView

    Dogecoin, a meme-based cryptocurrency initially intended as a joke or parody cryptocurrency, has since seen immense popularity, with celebrities such as Snoop Dogg and Gene Simmons investing in the coin. It is now considered one of the largest meme cryptocurrencies in existence. Its surge following Musk’s tweet caused its market capitalisation to surpass terra and polkadot, with speculations of it passing XRP as well.

    PEPE/USD

    0.00 Price
    +0.060% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 0.00000009

    ETH/USD

    3,341.67 Price
    +0.720% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 1.75

    DOGE/USD

    0.32 Price
    -1.330% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 0.0015755

    BTC/USD

    96,655.30 Price
    -0.260% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 50.00

    Musk’s preference for dogecoin is largely due to its speed per transaction, which he feels makes it ideal for becoming another means of payment. Bitcoin, on the other hand, is more expensive when it comes to transactions.

    The cryptocurrency world has been volatile this past year following Musk’s tweets, especially when the American billionaire announced that Tesla would accept bitcoin as payment for its cars and then retracted its decision. 

    Read more: TSLA down after Musk asks Twitter if he should sell shares

    Related topics

    #Dogecoin #Cryptocurrency #Bitcoin

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    The difference between trading assets and CFDs
    The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
    You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
    CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
    CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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