Do you think Elon accepting Doge at Tesla will stop the latest slide in prices?

[doomloop]

At about 12:00 UTC today, Elon declared that Tesla will start accepting Doge for merch payments

Why do you all like making it seem like ELON Musk is the one that controls the market now? Seriously this kind of mindset is very bad when people start having the mindset like this – putting one person on control of an entire market due to their market, and making it seem like he’s the one that decides what is going to happen in the market at all times.

This will make him look like the final say in the market and he would be able to put things in favour of himself at all times, anytime he wants the market to go up he would easily do that and benefit from it, after that he would dump it. This is another reason why I don’t like Dogecoin, because of how easily it can be manipulated.

[bakasabo]

Elon Musk announcement of Dogecoin acceptance wont stop price drops, but people will create a huge news hype around it. Many will understand it incorrectly and read it like Tesla is accepting Dogecoin as a payment for everything. Only after some time they will understand that Dogecoins are accepted only for merch and will strongly unhappy and angry. This might negatively effect on the price. While they must be angry on themselves. Current Elon movement will work both positively and negatively (in future), meaning no change on prices.

[tvplus006]

If this has some effect, and it has as the price of Doge shows, this is going to be temporary. The market is bearish at the moment and Doge could not just rely on the words of Elon Musk for its rise. And this is not something new. So the effect will be of lesser degree than the first and probably second time Elon Musk showed support for Doge. And of course this is not Tesla cars that could be bought using Doge. This is just Tesla merch.

Nevertheless, this news pushed the price of Doge by 30% in just a few minutes. Traders who are closely following Elon Musk's tweet have already recorded their profits from this news. Well, those who see Elon Musk as a crypto icon will continue to hold this coin until it flies away by several hundred percent again.