A member of the Dogecoin and X teams, known as “DogeDesigner” (@cb_doge), issued an important reminder to the Dogecoin community regarding Tesla’s cryptocurrency acceptance policy.
Amid frequent cases of scammers spreading misleading information about Tesla’s stance on cryptocurrencies, @cb_doge emphasized that the electric car manufacturer currently accepts payments exclusively in Dogecoin. This clarification was shared via a tweet on May 27, 2024, to address ongoing confusion and prevent potential scams.
Tesla only accepts one cryptocurrency, and that's Dogecoin.Let that sink in. pic.twitter.com/pbAFBcvyWe
— DogeDesigner (@cb_doge) April 27, 2024
Tesla’s acceptance of Dogecoin as a payment method was first introduced in January 2022, when Elon Musk announced that the company would begin accepting the meme cryptocurrency as an experiment. Since then, Tesla’s online store has enabled users to purchase merchandise, including items like the “Giga Texas” belt buckle and the Tesla Cyberwhistle, using Dogecoin.
Following Tesla’s lead, SpaceX also started accepting Dogecoin for its merchandise. In May 2024, Dogecoin was officially added as a payment option on Tesla’s website, further solidifying its role in the company’s payment ecosystem.
During a recent visit to the Berlin Gigafactory, Elon Musk reiterated his support for Dogecoin, suggesting that Tesla might consider selling its electric cars for Dogecoin in the future. This statement was well-received by the Dogecoin community, with many expressing excitement and anticipation for the potential expansion of Dogecoin’s use within Tesla’s operations.
Musk also addressed rumors about the creation of a native cryptocurrency for his companies. He confirmed that neither X, Tesla, nor any other companies he runs have plans to release their cryptocurrency, dispelling ongoing speculation about the introduction of an “X coin.” This reaffirmation is crucial for maintaining transparency and trust within the crypto community and among Tesla’s customer base.
Dogecoin Faces Critical Resistance Levels
Dogecoin’s market performance has been under scrutiny, particularly regarding its ability to break through resistance levels. Crypto analyst Ali Martinez highlighted that DOGE is encountering a critical resistance zone between $0.166 and $0.171. This zone is of particular importance as it is supported by 75,500 addresses holding nearly 10 billion DOGE collectively. Overcoming this barrier could potentially lead to a substantial increase in DOGE’s price, with the next key resistance level projected at $0.322.
#Dogecoin is encountering significant resistance between $0.166 and $0.171, where 75,500 addresses have acquired nearly 10 billion $DOGE. However, once this barrier is overcome, #DOGE has the potential to double, with the next key resistance around $0.322 pic.twitter.com/p02Cks63EI
— Ali (@ali_charts) May 28, 2024
Martinez’s analysis underscores the challenges DOGE faces in maintaining upward momentum. The concentration of holdings within the $0.166 to $0.171 range indicates that many traders are currently holding their positions, creating a formidable barrier for the price to surpass. If DOGE manages to break through this resistance zone, it could trigger a bullish trend, potentially leading to a doubling in price.
Recent Market Performance of Dogecoin
As of press time, Dogecoin was trading at $0.164, marking a 4.56% decrease over the past 24 hours, according to CoinMarketCap data. Despite this recent decline, DOGE has demonstrated resilience over the past month, posting a gain of 10.88%. The 24-hour trading volume for Dogecoin has surged by 14%, reaching $1.45 billion. This increase in trading volume indicates heightened interest and activity in the DOGE market, reflecting its popularity among both retail and institutional investors.
Dogecoin’s recent performance has garnered considerable attention within the cryptocurrency community. Known for its meme-inspired origins and community-driven nature, DOGE has become a favorite among investors, partly due to endorsements from high-profile figures like Elon Musk. Its low transaction fees and strong community support continue to bolster its appeal, even amid fluctuating market conditions.
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