Dogecoin (DOGE) saw a sudden cost increase on Dec. fourteen after Tesla CEO Elon Musk announced that Tesla would brainstorm accepting it for some purchases.

DOGE/USD 1-hr candle nautical chart (Bittrex). Source: TradingView

Data from Cointelegraph Markets Pro and TradingView showed DOGE/USD climbing over 25% to become the only major cryptocurrency to evangelize gains on the mean solar day.

The meme-based altcoin had followed Bitcoin (BTC) and other big-cap tokens downwardly over the course of the week, but the turnaround gave DOGE holders 10% weekly gains.

The movement came after Musk appear that the automaker would soon begin accepting DOGE for merchandise.

"Tesla volition brand some merch buyable with Doge & see how information technology goes," he tweeted.

In doing so, Tesla adopts the unusual position of accepting simply Dogecoin out of all possible cryptocurrency options. Musk risks irking Bitcoin proponents, in particular, having previously allowed then butterfingers BTC purchases for Tesla vehicles over declared ecology concerns.

After being declared Fourth dimension Mag's "Person of the Year" this week, Musk alleged that Dogecoin is "improve suited for transactions" than Bitcoin.

"The total transaction flow that you lot do with Dogecoin, similar transactions per day, is much higher potential than Bitcoin," he said, adding to a longstanding record of public praise of DOGE.

Dead-domestic dog bounce?

Zooming out, however, the mood among analysts is bleak when information technology comes to a broader altcoin resurgence.

Related: Bitcoin loses $48K on Wall Street open every bit trader warns altcoins look 'rekt' against BTC

With Bitcoin maintaining its twoscore% market cap say-so while itself failing to reverse its downtrend, little hope is currently circulating when information technology comes to fresh gains for bagholders — at to the lowest degree this year.

"Starting to get some June/July feelings on the markets in which we're just chopping around, slowly consolidating towards a bottoming construction, while the mass is waiting for a lower level to be hit, which they'll probably miss," Cointelegraph contributor Michaël van de Poppe forecast in a more optimistic commentary Midweek.

Afterward consolidating, DOGE/USD was back below the $0.20 mark at the time of writing.