$DOGE Price Surge Following Tesla’s Adoption of Dogecoin as a Payment Option

Dogecoin Surges Following Tesla's Adoption of Dogecoin as a Payment Option

Since the beginning of May, $DOGE has experienced a significant surge, largely attributed to the news that Tesla has accepted Dogecoin as a viable payment method.

On May 4, Tesla, led by Elon Musk, updated its website to announce the acceptance of $DOGE for certain products in its online shop. While cars cannot be purchased with $DOGE, customers can buy merchandise using the cryptocurrency.

The process involves sending $DOGE to Tesla's wallet within a specified timeframe, covering taxes and fees. Uncompleted transactions reset with updated token prices. Purchases with $DOGE are final and non-refundable.

In response to this announcement, Dogecoin experienced a surge of 21%, reaching $0.168, and is currently trading at $0.151, reflecting a 3% increase over the past 24 hours. This uptick underscores the favorable market reaction to Tesla's decision to embrace $DOGE for payments.

Elon Musk's ventures into cryptocurrency payments are not new. Prior to this announcement, Elon Musk had indicated Tesla's intention to accept Dogecoin as payment for certain merchandise. This initiative commenced in January 2022 when Tesla embarked on a trial run of accepting Dogecoin.

As part of this experiment, a range of company merchandise, such as the Tesla Cyberwhistle and the 'Giga Texas' belt buckle, were made available for purchase using $DOGE. Following Tesla's lead, another enterprise under Musk's leadership, SpaceX, also adopted a similar approach later that year.

$DOGE Price Prediction

As of the latest update, Dogecoin is valued at $0.151, boasting a 24-hour trading volume of $53.01 billion and a market cap of $21.86 billion. Over the past week, the price of $DOGE has seen a 14% increase.

Notably, the upper boundary of Dogecoin's Bollinger Bands sits at $0.155, serving as a resistance level, while the lower boundary is established at $0.149, indicating robust support. Currently, $DOGE is trading above its 200-day simple moving average, which is set at $0.111.

With a Relative Strength Index (RSI) value of 48.00, the $DOGE market is considered to be in a neutral state. Looking ahead to Dogecoin's trajectory in 2024, forecasts suggest a mixed outlook, characterized by periods of volatility and potential growth interspersed with downward trends.

May is expected to witness relatively stable performance. In the forecast for 2025, Dogecoin is predicted to reach a peak value of $0.35, while maintaining an average trading price of $0.253.

For comprehensive Dogecoin price predictions, check out the video provided above and subscribe to his YouTube channel for additional crypto-related insights. You can also join Jacob Crypto Bury's Discord community for valuable trading tips and updates on upcoming crypto presales.

Dogeverse Presale Gains Momentum with Whale's $180K Investment

Recently, the Dogeverse presale has ignited enthusiasm within the crypto community, particularly as a single whale invested $180,000, equivalent to 62.3 Ethereum, into the project.

Surpassing the $15 million mark, the Dogeverse meme coin presale aims to dominate the market with its multi-chain compatibility. This rapid fundraising success solidifies Dogeverse's position as a leading crypto presale, highlighting substantial investor interest.

Distinguishing itself from typical meme coins, Dogeverse operates on a multi-chain framework, enabling $DOGEVERSE tokens to seamlessly navigate six blockchains including Ethereum, BNB Chain, Polygon, Solana, Avalanche, and Base.

This multi-chain approach enhances Dogeverse's flexibility, ensuring stability as users transition across supported blockchains. Early participants can acquire $DOGEVERSE tokens for $0.00031 each, with 15% of the total token supply allocated for the presale, granting early supporters access to 30 billion tokens.

Why limit to one when you can have it all? $DOGEVERSE begins on the secure #Ethereum network, ensuring robust security and reliability. 🛡️💻

🔥 Bridging gaps between #Cryptocurrency ecosystems, we enhance liquidity, utility, and fun across the entire #Cryptoverse! 🎉#AltSeason pic.twitter.com/zOg8albhry

— DogeVerse (@The_DogeVerse) May 3, 2024

As a result, investors are enthusiastic about participating early, especially considering the development team's intentions to list the token on decentralized exchanges (DEXs) after the presale concludes. Following DEX listings, $DOGEVERSE aims to expand to centralized exchanges (CEXs) as part of its roadmap.

Additionally, Dogeverse is pioneering on-chain staking, currently operational on Ethereum. Presale buyers can participate in the staking program, offering an APY of 68% and with 23.4 billion $DOGEVERSE tokens already staked. Potential investors can visit  our guide on how to buy $DOGEVERSE token here.

This offers an attractive opportunity for early investors to earn passive income, bolster network security, and promote price stability. This blend of multi-chain functionality and rewarding staking mechanisms sets Dogeverse apart from other meme coins lacking utility.

Follow Dogeverse X account (formerly Twitter) and join their Telegram channel for more information. To take part in the $DOGEVERSE token presale visit dogeversetoken.com.

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Source: https://thebittimes.com/doge-price-surge-following-tesla-s-adoption-of-dogecoin-as-a-payment-option-tbt87955.html