DOGE Spikes 13% Following Tesla’s Massive Bitcoin Transfer

Dogecoin Surges 13% After Tesla's Bitcoin Transfer

October 18, 2024 at 08:40 AM GST

updated: October 17, 2024 at 07:09 PM

2 mins read

Dogecoin (DOGE) experienced a 13% surge following Tesla's decision to transfer all of its Bitcoin holdings. This sparked speculation within the cryptocurrency market, with Dogecoin reaching a high of $0.1249.

Dogecoin's Strong Rally

Within 24 hours, DOGE surged from $0.1105 to $0.1249. By 9:00 AM UTC, the price remained above $0.12, locking in over 7% of its gain. Investor interest drove trading volume up 72%, with $1.78 billion worth of DOGE traded.

This surge pushed Dogecoin's market cap to $18.50 billion, with 146.39 billion tokens in circulation. Traders remain optimistic about further gains, as DOGE has risen 16% in the past week, 24% over the month, and an impressive 111% in the last year.

Tesla's Bitcoin Transfer Fuels Speculation

Tesla's massive Bitcoin transfer, amounting to $760 million, is believed to have triggered the DOGE rally. Some analysts suggest Tesla is securing Bitcoin for custody, while others predict a possible sale. Another theory proposes that Tesla may be preparing for stock buybacks or new investments.

Optimists view the move as a protective measure, boosting confidence in Bitcoin and Dogecoin. However, Tesla has not issued any official statement, leaving traders to speculate on the reasons behind the transfer.

Conclusion

Tesla's Bitcoin transfer has revived the cryptocurrency market, pushing both Bitcoin and Dogecoin higher. For now, investors and traders remain optimistic about the potential for DOGE to rise further.