CoinDesk Analysis Team
Dogecoin (DOGE) payments went live on the Tesla store in Asian hours on Friday, with prices seeing an 11% increase shortly afterward.
The store displays pricing information in both U.S. dollars and dogecoin. The Giga Texas Belt Buckle lists for 835 DOGE (≈$155.5); the Cyberquad sells for 12,020 DOGE (≈$2,296), while a Cyberwhistle goes for 300 DOGE (≈$57).
Dogecoin was trading at $0.19 at the time of writing and is the world’s 11th largest cryptocurrency with a market capitalization of $24 billion.
The move comes nearly a month after Tesla CEO Elon Musk said in December 2021 that the electric-car maker would accept Dogecoin as payment for its merchandise. “Tesla will make some merch buyable with Doge & see how it goes,” he said at the time.
Earlier this year, Tesla started accepting bitcoin as payment for its electric cars. The pilot proved short-lived amid rising concerns about Bitcoin’s energy usage and was soon dropped.
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Polygon (MATIC) price has been on a risky drop towards $1.00 over the weekend. Although it was expected that on Saturday, a turnaround would occur, traders instead saw a continuation of the dollar strength squeeze, and investors turning their backs on risk assets.
Altcoins in the crypto ecosystem are being hit by a bloodbath amidst fears of Fed interest rate hikes. However, activity in NFTs has increased on blockchains like Ethereum and Solana.
Dogecoin price showed massive promise last week after an impulsive uptrend. However, the subsequent selling pressure has caused DOGE to retrace lower, delaying its breakout and hence the rally.
Bitcoin price seems like it is stabilizing around a significant support level that has been battle-tested twice over the last three months. A resurgence of buying pressure is likely to propel BTC and all altcoins higher.
Bitcoin is likely to slide below $37,699 to collect liquidity before heading higher. BTC has prematurely triggered a minor run-up, leaving its downside objective unfulfilled. Investors can expect BTC to slide lower and collect liquidity below a significant level before triggering a full-blown impulse move.
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CoinDesk Analysis Team