DOGE Price Shoots 5% Amid Dogecoin Mentions on Tesla

• Mentions of Dogecoin were found in the code of the Tesla Cybertruck page, fueling expectations that Tesla might consider accepting DOGE as a payment option.
• Dogecoin’s recent price performance has shown an 11.4 percent increase over the past seven days and a 25 percent rise in the last 30 days.

Speculations are arising as mentions of Dogecoin (DOGE) have been discovered in the code of the Tesla Cybertruck page, fueling expectations that Tesla, under Elon Musk’s influence, might allow payments for the Cybertruck using DOGE.

The code for the Cybertruck checkout page contains over 50 references to Dogecoin, a discovery first highlighted by crypto influencer Marty Party in October. Despite the widespread attention, neither Tesla nor Elon Musk has officially confirmed DOGE as a payment option for the Cybertruck. The confirmation of Dogecoin references coincided with the much-anticipated Cybertruck sale that commenced at the end of November.

Interestingly, the Tesla code base has a mention of no other cryptocurrency as of now. Marty Party also observed an entire style sheet reminiscent of Dogecoin in Tesla’s source code. However, speculation continues to circulate. ICO Drops further stated: “Tesla may in the future allow customers to use $DOGE to pay for the new Tesla Cybertruck model”.

The inclusion of DOGE references on the Cybertruck page aligns with Elon Musk’s continued fondness for the meme coin. Musk has previously expressed DOGE as one of his preferred cryptocurrencies, and his actions often impact the coin’s price movements.

Furthermore, Musk’s electric vehicle company, Tesla, currently allows customers to purchase merchandise using Dogecoin. However, the potential consideration of accepting Dogecoin for car payments would represent a substantial shift for the meme coin.

It is essential to highlight that Tesla had previously supported Bitcoin payments for cars, but later discontinued this option, citing environmental sustainability concerns.

Dogecoin Price Rally

The world’s largest memecoin – Dogecoin (DOGE) – has been making strong moves on the upside and is currently trading 5.58 percent up at a price of $0.09024 with a market cap of $12.8 billion. With this, the DOGE price has extended its weekly gains to more than 12 percent.

Over the last 24 hours, DOGE trading volume has surged by 64.64 percent across different exchanges. Concurrently, insights from IntoTheBlock’s Order Books metrics shed light on the ongoing dynamics between bulls and bears. Analysis of the trading books from 14 crypto exchanges monitored by IntoTheBlock suggests that, at present, the bulls appear to hold the advantage in this power struggle.

Amid the recent price rally, the DOGE price has surged past major resistance around $0.087. This pivotal level is characterized by the intersection of the 0.786 Fibonacci level and the presence of both the 100-week and 200-week EMAs. Surmounting this obstacle has the potential to propel DOGE towards a substantial price increase, setting sights on a target of $0.14, almost doubling its current value, reports popular analyst Ali Martinez.

Despite recent developments, DOGE’s price performance in the last 24 hours has not exhibited significant changes. The token has recorded an 8.4 percent increase over the past seven days and a notable 25 percent rise in the last 30 days. However, it’s important to note that Dogecoin remains 88 percent below its all-time high.