Despite some recent adjustments, Dogecoin (DOGE), the pillar of meme coins, has experienced a significant spike after Elon Musk’s recent comments about integrating DOGE into Tesla.
DOGE surged 15% on Thursday before pulling back just a day later.
While Elon Musk tweeting about DOGE may not have long-lasting effects, it has further solidified Musk’s impact on DOGE. Furthermore, recent news coverage of Musk’s statements on DOGE may set the stage for DOGE to break through $0.25, a 50% increase from its current value.
Musk’s comments could drive a new surge for DOGE
Throughout Dogecoin’s history, its association with Tesla CEO Elon Musk cannot be denied. Some of the most notable moves for this coin have come from its connection to the head of SpaceX.
This has once again been shown to be true with Musk’s recent remarks.
Speaking at the Tesla factory in Germany, Elon Musk mentioned Dogecoin (DOGE). Specifically, he was asked when customers could purchase Tesla with DOGE. In response, the CEO said, “At some point, I think we should enable this feature.”
Musk’s comment led to a 15% surge for DOGE on Thursday. Although the asset has since dropped over 12% today, according to Coingecko, Musk’s statement could set the stage for a new price surge for DOGE.
Some predict that DOGE could increase by another 50% from its current price if Tesla activates DOGE payments.
If DOGE can reclaim the $0.15 support level in the short term, retesting higher levels is entirely possible, and if Musk continues to make statements about DOGE on X, the price may well surpass the $0.25 mark.
However, if DOGE fails to maintain its current support level, it could face a significant sell-off. On the flip side, the influence of Elon Musk cannot be denied, and comments and developments like these will always have a positive impact on the price. If Tesla starts accepting Dogecoin, this asset is sure to skyrocket in value.
