Dogecoin price on track to hit new highs, rallying 16% with Tesla payments going live


  • Tesla announced that it accepts Dogecoin and cannot receive or detect any other cryptocurrency. 
  • Dogecoin price has posted 16% gains within minutes of Tesla’s DOGE payments going live. 
  • Analysts have predicted an explosive rally in Dogecoin price, continuing the memecoin’s uptrend. 

Elon Musk announced that Tesla merchandise can now be purchased using Dogecoin. The Shiba-Inu-themed cryptocurrency’s price is on track for a new high. 

Dogecoin price explodes, analysts predict continuation of uptrend

An electric car giant, Tesla started accepting Dogecoin payments for its merchandise. The memecoin posted double-digit gains within minutes to Elon Musk’s announcement. 

The Tesla website states that Dogecoin is the only cryptocurrency that is accepted as payment for its merchandise.

Tesla accepts Dogecoin as payment

Tesla accepts Dogecoin as payment

Tesla is yet to accept Dogecoin for its electric vehicles. The Tesla merchandise that can be bought using Dogecoin can drive the utility of the cryptocurrency. Dogecoin price received a major boost and posted over 16% gains within minutes. 

Tesla had started accepting Bitcoin payments in May 2021; however, the electronic vehicles giant stopped soon after, citing environmental concerns. Musk has repeatedly stated that Dogecoin is a better alternative for payments than Bitcoin. 

Dogecoin core’s new release reduces fees for all memecoin’s network participants. 

@CryptoKaleo, a crypto analyst and trader, has predicted that Dogecoin price could hit the target of $0.24. The analyst believes that the memecoin has bullish potential. 

FXStreet analysts believe Dogecoin could form a dead-cat bounce before a fatal crash to $0.09. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Axie Infinity price not out of the woods yet as AXS slides toward $30

Axie Infinity price continues to face weakness as its downtrend remains intact. AXS could be headed for a 40% plunge following the slice below the lower boundary of the prevailing chart pattern.

More Axie Infinity news

IMF pushes El Salvador to drop Bitcoin as legal tender

The IMF has urged El Salvador to remove Bitcoin’s status as legal tender in the country. IMF directors emphasized that there are huge risks associated with the use of the leading cryptocurrency on financial stability.

More Bitcoin news

MATIC completes corrective wave and will return to $2

MATIC price suffered one of the fastest 50% retracements out of the major cryptocurrencies. Bears finally generated a sell-off from the rising wedge and pushed MATIC towards its most vital primary support zone. Buyers have stepped in, but it remains to be seen whether they will continue.

More Polygon news

Dogecoin short squeeze will launch DOGE to $0.25

Dogecoin price has been on a wild ride over the past few weeks. After gaining more than 50% between January 11 and January 15, DOGE dropped a further 44% to print new nine-month lows. However, there are strong indications that a strong reversal may soon be at play.

More Dogecoin news

Bitcoin: BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

Read full analysis

BTC

ETH

XRP