Elon Musk took to Twitter announcing that Tesla will release limited edition merchandise and people can pay through Dogecoin. Therefore, the announcement made Dogecoin’s price spike +20% minutes after the announcement after trading in red for a week. The price of Dogecoin went from $0.15 to $0.20 in minutes after Musk’s tweet was out.
“Tesla will make some merch buyable with Doge & see how it goes,” tweeted Elon Musk.
Elon Musk has been with Dogecoin through all its ups and downs and is the sole driving force of the token. His tweets can make or break the coin and has potential to lift it up from its extreme dips.
Dogecoin was hovering over the $0.13 to $0.15 mark since a week and Musk’s tweet has brought Doge to life. The meme-token has recently seen a spike in capital as high net worth individuals have been purchasing it.
The token has seen a rise in capital flow from high net worth individuals and is beginning to display bullish sentiments. Also, the buy orders recently overtook the sell orders signaling that a breakout could be around the corner.
Musk’s favourite meme-token became a sensation during the first half of 2021 but went relatively low during the second half of the year. His tweets have brought Doge to the limelight again with a bull run similar to April-May 2021 periods.
In addition, Doge has brought in millions of first-time and new investors into the crypto market and the numbers are only increasing. There is no doubt that the year 2021 belonged to Dogecoin and it made way for other meme-tokens to rise.
Financial analyst David Cox had predicted back in June that Doge will breach the $1 mark in December 2021. Cox stated that Doge will see a boost in price only by the end of the year. He stated that it could touch an all-time high of $1.07 and see a low of $0.90 in December. He predicted that the coin will first cross the $0.80 mark only in December. The prediction was made in June.
”The minimum expected Dogecoin price would be around $0.90,” said Cox to CryptoNewsZ. Cox continued, ”It is likely to cross the $0.80 mark soon as the coin is constantly breaking the all-time high, as this is the year of cryptocurrencies. The predicted high for 2021 might be around $1.07, and on the downside, the low might be around $0.91.” he said.