Elon Musk joins Dogecoin HODL party, DOGE Army awaits recovery
- Tesla sold 75% of Bitcoin holdings to protect operating income and profitability from exposure to BTC’s volatility.
- In the Q2 Earnings Report, Tesla revealed that $936 million was added to the balance sheet from the sale of Bitcoin.
- Elon Musk assured DOGE holders that no Dogecoin was sold, Tesla has not disclosed its holdings of the meme coin yet.
Elon Musk affirmed that Tesla has not shed its Dogecoin holdings after news of $966 million worth of BTC sales by the car manufacturer. Tesla cited concerns regarding operating profits and profitability, which led to it liquidating 75% of its Bitcoin holdings. Elon Musk’s Tesla continues to HODL Dogecoin, alongside DOGE holders.
Musk assures no Dogecoin sold
Elon Musk’s Tesla made headlines after shedding 75% of its Bitcoin holdings, as per the Q2 Earnings Report. The electric car manufacturer cited concerns of operating profit and profitability for the Bitcoin sale. Though Tesla has not revealed its Dogecoin holdings yet, Musk affirmed DOGE holders that the car company has not sold its meme coins.
Tesla started accepting Dogecoin in exchange for a select range of its merchandise, therefore it is a known fact that the electric car company holds DOGE. Musk’s announcement is an important one for Dogecoin holders for two key reasons.
While Bitcoin is still reeling from the $966 million sale by Tesla, the European Central Bank announced a 0.50% rate hike leading to further losses. Bitcoin is now battling bears to recoup its losses and hold its ground at the $23,000 level.
Dogecoin price was also hit by the ECB announcement and suffered a nearly 6% decline over the past 24 hours. However, DOGE holders expect a recovery in the meme coin.
In the earnings conference call, Musk explained why the firm sold Bitcoin and said,
We have not sold any of our Dogecoin.
Dogecoin prepares for a quick run up
Analysts at FXStreet evaluated the Dogecoin price trend and predicted a quick run up in the meme coin. Analysts noted that DOGE is ready for a price rally to $0.082. For price levels and more information, check this video:
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
