Elon Musk, recently hinted that Dogecoin might be accepted for Tesla purchase.
Dogecoin responded with a 10% surge in the last 24 hours
Speculation still swirls around the possibility of DOGE integration with Elon Musk’s X app
DOGE is currently consolidating after its price increase and could reach $0.35 soon
Elon Musk was one of the most vocal supporters of Dogecoin in the last bull run, contributing to most of the memecoin’s rallies throughout 2021.
Another bull run is upon us again, and it appears that Musk is at it again.
Very recently, Musk made another DOGE statement after Tesla factory employees and some SpaceX visitors expressed their desire for Dogecoin to be used as a valid form of payment very soon.
Musk, in a public engagement on 13 March at the Berlin Gigafactory (one of Tesla’s production facilities), a member of the crowd asked whether Tesla was planning on enabling DOGE payments for its services.
Musk reportedly answered in the positive, stating “At some point, I think we should enable that,”
This statement alone sent ripples through the crowd, through the crypto community and the memecoin market, sending Dogecoin rallying from $0.172 to around $0.188 in a 9.3% increase.
“We should enable that” | Source: Twitter
Musk offered more than just verbal support for DOGE. He stated “Dogecoin to the moon” to demonstrate his support for the memecoin, and affirmed that followers will soon be using DOGE to purchase Tesla products.
On 14 January 2022, Tesla began accepting Dogecoin payments for company merchandise, marking the beginning of its crypto payment journey.
The company made it clear that any other digital assets given to Tesla would not be reimbursed and that it would only accept DOGE.
The upcoming XPayments feature for Musk’s “everything app,” X, has also fueled more speculation.
Speculation about a possible crypto integration with X
At the moment, there are still ongoing discussions about the possible integration of cryptos like Dogecoin and even XRP with X, within the cryptocurrency community.
This X-Payments feature is mostly expected to get rolled out by mid-2024, leading to the big question:
Will this feature extend beyond fiat like dollars and pounds, or will Musk fulfil his fans’ vision of DOGE becoming a payment cryptocurrency?
According to the charts, DOGE is consolidating above the $0.162 support, right after breaking above on 4 March.
Dogecoin’s price action
Normally, DOGE should have surged straight up to the next major resistance point.
However, the memecoin is taking its time and has been consolidating for the last two weeks above this $0.162 support.
This is understandable, considering how the RSI on the daily chart is still so close to showing overbought conditions with Dogecoin.
DOGE’s rally over the last day launched it straight up above the minor $0.1848 resistance.
Overall, there might be a solid chance that the memecoin rallies straight up to around $0.35, if we see a close above $0.1848 with a daily candle.
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