In a remarkable turn of events, the price of Dogecoin (DOGE) soared following Elon Musk's recent comments at the Tesla Giga Event in Berlin. Musk, the renowned billionaire entrepreneur, hinted at the possibility of accepting Dogecoin as a payment method for Tesla vehicles in the future. This revelation sent reverberations through the crypto market, particularly propelling DOGE to new heights.
The price of Dogecoin surged by over 10%, reaching an impressive $0.186 per DOGE within hours of Musk's statement. Simultaneously, the volume of Dogecoin spot trading experienced a staggering 60% increase, surpassing $4 billion in just 24 hours. Additionally, derivatives trading involving DOGE saw a significant spike, with a remarkable 52.93% surge, totaling $5.66 billion, according to data from CoinGlass.
Dogecoin to $0.27?
Market analysts, including Andrew Kang from Mechanism Capital, have underscored the monumental implications of Musk's remarks. Kang's optimistic projection suggests that Dogecoin could potentially reclaim a $40 billion market capitalization by the following week, marking the onset of another surge in meme coin enthusiasm.
As of now, the market capitalization of Dogecoin stands at an impressive $26.66 billion. Should Kang's forecasts materialize, it would signify a remarkable 50% growth from the current valuation.
The excitement surrounding Musk's acknowledgment of Dogecoin's potential utility in Tesla transactions has ignited a renewed fervor among investors and enthusiasts alike. With Dogecoin firmly in the spotlight once more, all eyes are on its future trajectory.