Why Is Dogecoin Seeing A Sudden Spike?

Dogecoin DOGE/USD traded 6% higher over 24 hours at $0.157 early Tuesday morning.

What’s Moving? The meme cryptocurrency has fallen 7.8% over a seven-day trailing period.

Since 2022 began, DOGE has dropped 8.8%. It touched an all-time high of $0.74 in May last year.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE was outperforming ETH and BTC significantly at press time as the global cryptocurrency market cap rose 0.98% to $1.96 trillion. 

The sudden spike in Dogecoin came, breaking away from a bearish pattern, as unconfirmed reports of Tesla setting up to accept Dogecoin circulated on Twitter.

Several Twitter users shared screenshots of what is supposed to be code from the Tesla website, showing the inclusion of Dogecoin as a payment option.

#TESLA has been started #dogecoin as payments? @elonmusk ??? #crypto #CryptoNews #SayNoToPaidGroups pic.twitter.com/ZKvvaq4UiL

— Sadaf Crypto ™ (@crypto_vital) January 11, 2022

Elon Musk last month said "Tesla will make some merch buyable with Doge & see how it goes" but didn't give any timeline or say whether the meme cryptocurrency would also be accepted for electric vehicles.

Benzinga wasn't able to confirm the presence of any such code on the Tesla website.

What Else: Major cryptocurrencies face an “uphill task” in returning back to their respective all-time highs as cryptoverse now offers investment opportunities like NFTs, metaverse bets, and several altcoins to investors, said OANDA Senior Analyst Edward Moya on Monday.

On Monday, DOGE-bull David Gorkhshtein tweeted that he was itching to get “a bag of DOGE.”

I’m itching to get a bag of $DOGE.

— David Gokhshtein (@davidgokhshtein) January 10, 2022

Meanwhile, DOGE co-creator Billy Markus took aim at Bitcoin maximalist marketing on Twitter. 

“hey everyone, you suck unless you devote your lives to bitcoin, buy it now or be poor and stupid forever you losers, check out how rich i am because i got lucky and bought in early, i am a genius, you suck, buy bitcoin to make me richer you morons”

- bitcoin maxi marketing

— Shibetoshi Nakamoto (@BillyM2k) January 11, 2022

Read Next: Tesla Owner Says He Makes $800 A Month Using His Model 3 To Mine Bitcoin, Ethereum

Benzinga Editor Neer Varshney contributed to this report.