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- Various upcoming developments on blockchain and Tesla accepting $DOGE for merchandise purchase might bring back the project from being dead, as believed by some.
- A recent observation revealed that $160 million worth of $DOGE tokens have been transferred from several wallet addresses to a single wallet address, a possible movement for $DOGE support in Tesla merchandise.
- A tweet from Elon Musk, about merch buys, hints that merchandise will launch soon, and the $DOGE support might give the token prices a boost, might even reach new all-time highs.
Dogecoin is a meme-based open-source peer-to-peer cryptocurrency which mainly gained popularity and traction from various social media platforms. Over the past year, the meme coin has shown a massive growth of 5,900% reaching a new all-time high of $0.7376 on 8 May. The token is currently trading at $0.1515 (at the time of writing) after facing a downtrend of 0.53% in the last 24 hours.
The Dogecoin Popularity
The meme coin has a billionaire vocal supporter, Elon Musk, who has constantly spoken in favor of Dogecoin over Twitter and any announcement he makes has been observed to affect $DOGE token prices. For Instance, Elon Musk recently made a Tweet in which he revealed that he will allow Tesla merchandise to be bought by Dogecoin and will see how it turns out. This announcement resulted in a surge of 43% of Dogecoin prices at the time, however, it fell afterwards simultaneously.
Also, in 2021, Dogecoin left Bitcoin behind in being the most viewed subreddit on Reddit. However, the meme coin project was termed as a dead project by some in the past, to counter which the Dogecoin Foundation released a trailmap to introduce staking system for $DOGE and an effort to bring it back on track.
The billionaire vocal supporter once called Dogecoin as people’s crypto. Despite the fact that the majority believe this, there are some who counter this by saying that it’s not what is being showcased but is somehow controlled indirectly or is affected by many indirect factors.
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$DOGE & Tesla Merchandise
For instance, the token price has been affected by numerous announcements from Musk. Recent observations showed that a total of about $160 million worth of Dogecoin have been transferred from different wallet addresses to a single wallet address. However, these transfers were done in breaks, with one time transactions even estimating $90 million worth $DOGE tokens. This might be a relation to some arrangements for Tesla’s plan to accept Dogecoin for purchasing merchandise, mainly for managing transactions and balances. It should be noted that there is no such confirmation, but a hinting conclusion from an observation.
When Tesla’s Merch Are Launching & Its Effects On $DOGE Prices?
The recent tweet of Musk about accepting $DOGE for merch buys also hinted that Tesla merchandise will be available very soon and might not have to wait much. If Tesla launches its merchandise by summer 2022 with the support of buying merch with Dogecoin, $DOGE might face some massive price boosts. The support would increase transaction volume and trading volume, which would affect prices leading to increased market capitalization. With various developments coming to the blockchain, the support might bring the project back from the dead.
However, keep in mind that nothing has been officially confirmed and final announcements are yet to come.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
