A Twitter user listed what altcoins and what can be bought on Tesla’s website. Interesting details about Elon Musk’s favorite cryptocurrencies have emerged…
A dedicated page for this altcoin appeared on Tesla’s website
A look at the website of electric car maker Tesla shows that it has a dedicated page for Dogecoin, which it added as a payment method towards the end of 2021. This page is full of products that visitors can buy with Dogecoin (DOGE). There is also a Frequently Asked Questions page describing how to trade with Dogecoin.
In summary, this page devoted to Dogecoin shows that Tesla sees Dogecoin as an official means of payment. Tesla began accepting Dogecoin payments for its products in January 2022. However, the firm states that it will not issue refunds for purchases made at DOGE at the time.
In addition, items purchased with DOGE “cannot be returned, exchanged, or cancelled.” Tesla considers all sales made through DOGE final and cannot be exchanged for cash. This rule continues to this day.
What’s next for Dogecoin?
Next to Tesla’s FAQ for Dogecoin, the altcoin is in the process of a massive recovery in terms of price. The recent crypto crash caused Dogecoin to hit a nearly 12-month high. Then the amount improved. It reached its climax on 22 June.
Some months have historical significance when it comes to crypto prices. May be one of these months in June. For perspective, Dogecoin traded at $0.10 at the beginning of April. It fell as low as $0.053 on June 10. He’s been on the road to recovery ever since. Its current price of $0.06663 represented a 22% rally from its monthly low.
At first glance, DOGE’s recent price action looked like an ordinary recovery after a crash. However, analysis of Dogecoin’s price action every June over the past three years has revealed something interesting. DOGE had a bearish performance in June and the previous weeks. However, it started a strong rally at the end of June. It has been exhibiting similar movements since 2020.
What does the historical data say about DOGE?
Judging by its historic performance, Dogecoin could be heading for another rally. It has already shown a downward performance in the last few weeks and is already in a recovery phase. On-chain data also supports bullish expectations. For example, Dogecoin’s average coin age is at its highest in the last three months. This was a confirmation that most DOGE investors are still hoarding with a long-term focus.
In addition, on-chain volumes have also increased in the last two days in line with the prevailing bullish sentiment and demand. DOGE’s MVRV ratio has been on a healthy increase since mid-June. This was an indication that most of the investors who have bought since then are in profit.
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