In a notable turn of events, the price of Dogecoin (DOGE) skyrocketed following Elon Musk’s recent decision. comments at the Tesla Giga Event in Berlin. Musk, the renowned billionaire businessman, hinted at the possibility of accepting Dogecoin as a payment method for Tesla vehicles in the future. This revelation had repercussions on the cryptocurrency market, particularly propelling DOGE to new heights.
In a notable turn of events, the price of Dogecoin (DOGE) skyrocketed following Elon Musk’s recent decision. comments at the Tesla Giga Event in Berlin. Musk, the renowned billionaire businessman, hinted at the possibility of accepting Dogecoin as a payment method for Tesla vehicles in the future. This revelation had repercussions on the cryptocurrency market, particularly propelling DOGE to new heights.
The price of Dogecoin rose more than 10%, reaching an impressive $0.186 per DOGE just hours after Musk’s statement. At the same time, Dogecoin’s spot trading volume saw a staggering 60% increase, surpassing $4 billion in just 24 hours. Additionally, derivatives trading involving DOGE saw a significant increase, with a notable increase of 52.93%, totaling $5.66 billion, according to data from CoinGlass.
Dogecoin at $0.27?
Market analysts, including Mechanism Capital’s Andrew Kang, have highlighted the monumental implications of Musk’s comments. Kang’s optimistic projection suggests that Dogecoin could potentially regain a market capitalization of $40 billion by the following week, ushering in another surge in enthusiasm for meme coins.
As of now, Dogecoin’s market capitalization stands at an impressive $26.66 billion. If Kang’s forecasts materialize, it would mean a notable 50% growth from the current valuation.
The excitement surrounding Musk’s recognition of Dogecoin’s potential utility in Tesla trading has ignited renewed fervor among investors and enthusiasts alike. With Dogecoin firmly in the spotlight once again, all eyes are on its future trajectory.
