During a visit to the Berlin Gigafactory on March 13, Elon Musk, the CEO of SpaceX and Tesla (NASDAQ:TSLA), shed light on the potential use of cryptocurrency in Tesla’s transactional future and name-dropped Dogecoin (DOGE-USD) in the process. Fielding questions from the audience, Musk entertained the notion of incorporating Dogecoin into Tesla’s payment methods, an expansion from its current utility for Tesla merchandise.
His endorsement of Dogecoin as “the people’s crypto” reflects his democratic approach to cryptocurrency, inspired by conversations with employees from Tesla and SpaceX.
Musk’s dialogue in Berlin signals a pivotal moment for Tesla and the cryptocurrency sphere. By considering Dogecoin for vehicle purchases, Musk boosts the digital currency’s profile. It marks a significant step towards integrating cryptocurrencies in commercial transactions.
In the cryptocurrency space, Dogecoin distinguishes itself as the original memecoin. With its origins rooted in the “Doge” meme, what began as a joke evolved into a digital currency used in online transactions with a strong community.
Dogecoin Is Expected to Outperform
DOGE has made some impressive gains so far in 2024, rallying as much as 130%. While the memecoin craze continues, Dogecoin’s performance is expected to exceed that of the broader cryptocurrency market. This is due to its unique combination of being a memecoin with a top ten market cap and a use case behind it.
According to TipRanks’ technical analysis tools, there are mixed signals for Dogecoin. The Moving Averages Convergence Divergence (MACD) indicator sits at 0.02, suggesting a cautious sell stance. However, Dogecoin’s current share price of $0.18 significantly outstrips its 20-day and 50-day exponential moving averages of $0.14 and $0.12, respectively, presenting a strong buy signal. In a nutshell, while prices have continued to rise, participation and momentum have slowed.
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