Elon Musk has indicated Tesla's future acceptance of Dogecoin as payment during a plant visit near Berlin.

Following Musk's announcement, Dogecoin's value increased by more than 10%, reaching $0.186 per DOGE.

The trading volume of Dogecoin spiked, with over $4 billion in spot trading and a notable rise in derivatives trading.

Analysts predict Dogecoin's market capitalization may grow by 50% to reclaim a $40 billion valuation.

Musk's support has spurred renewed interest in Dogecoin, paralleling Tesla's investment and acceptance of Bitcoin.

The entire cryptocurrency market is expanding, currently valued at $2.85 trillion and may hit $7.5 trillion by 2025.