It is known that the popular meme coin Dogecoin (DOGE) is the beloved token of Tesla CEO Elon Musk. Elon Musk made a lot of pumps for DOGE with his shares and promises. That’s why a bond was formed between Tesla and DOGE. Now, it’s a question of how DOGE will react to Tesla’s Q3 earnings.
DOGE relationship with Tesla CEO Elon Musk
Historically, earnings results from Elon Musk’s Tesla have had a significant impact on the price of Dogecoin (DOGE). The American auto company is scheduled to report its third-quarter earnings after the bell on Wednesday. The company is expected to record revenue growth compared to the last quarter. In this context, it will be interesting to watch the DOGE price action after the earnings announcement. By the way, it should be noted that the popular meme-coin saw a drop in value last week.
cryptocoin.comAs you follow, millionaire Musk’s mention of DOGE in most cases caused an altcoin price increase. Recently, Tesla CEO Elon Musk announced that DOGE will be accepted as payment for The Boring Company’s Burnt Hair perfume. This caused the DOGE price to increase by about 3%. Earlier this year, Musk said that certain Tesla products will be purchased with Dogecoin (DOGE). Purchases would be made by integrating a Dogecoin wallet for DOGE transfer.
Meanwhile, Elon Musk’s efforts to take over Twitter are also significant. Although it took place in the background, the development sparked a new controversy. Reports suggested that Dogecoin (DOGE) would potentially become Twitter’s official local currency. After months of uncertainty, it’s possible that Elon Musk will close the Twitter deal at the end of October.
Impact of Tesla earnings on Dogecoin
The market expects Tesla to report $22.13 billion in revenue in the third quarter. This means an increase of 5 billion dollars compared to the last quarter. The last quarter was overshadowed by Tesla’s problems with the pandemic and operations. Therefore, on a positive earnings release, DOGE price is likely to bounce back immediately. However, this is only estimated based on the historical behavior of the meme coin. So it’s possible that the response is different.
At press time, DOGE is trading at $0.05973, up 1.37% in the last 24 hours, according to CoinMarketCap. However, the popular meme coin has followed a sideways trend for the past 7 days. On the other hand, it is 92% off the all-time high of $0.7376.
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