Tesla Shifts Gear in 2024: Will it Have a Ripple Effect on Dogecoin?
12/28/2023 07:08
With Tesla's shifting business and Dogecoin's fluctuating market, can these two seemingly disparate domains influence each other?
Tesla’s recent business forecast is enough to spark discussions about its potential impact on Dogecoin’s price in 2024. Elon Musk, often dubbed the ‘Dogefather’ and known for his influence on the coin’s value, is facing competition in the auto sector.
Also read: Dogecoin (DOGE) Rich List: Elon Musk Holds DOGE?
Tesla’s business dwindled to competition
Bloomberg recently reported that Tesla is giving its popular model ‘Model Y’ a makeover at its China plant. As per the report, the electric car giant is planning mass production of the SUV by mid-2024. Meanwhile, Morgan Stanley’s Adam Jonas anticipates 2024 to be challenging for Tesla’s auto segment.
Another report by Business Insider reveals that Chinese car manufacturer BYD is expected to surpass Tesla as the world’s largest EV maker based on upcoming Q4 data, adding another layer to this story.
DOGE’s derivative market and price action
Turning to Dogecoin’s performance, CoinGecko outlines a lukewarm price action in the last two weeks. At press time, the DOGE price is mute with slight gains over 24 hours. However, it continues to hold a significant market cap of $13.24 billion, despite being 87% away from its record peak of $0.73 achieved in May 2021.
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But the derivatives market reveals some profit-taking. Based on data from Coinglass, Dogecoin shows a 29% decline in volume and stands at $735 million. With some increase in open interest, the long/short ratio stands at 0.9677. This signifies that there are slightly more accounts with short positions than with long positions on Dogecoin, but overall, it’s a neutral market.
What is noteworthy is a Whale Alert signal that recorded a transfer of 71 million DOGE, worth approximately $6.39 million, from an unknown wallet to Robinhood on Tuesday.
Also read: Dogecoin Whales Shift 438 Mln DOGE As Price Dips, What’s Next?
As the automotive and crypto worlds intertwine through influential figures like Musk, the correlation, if any, between Tesla’s business forecasts and Dogecoin’s market performance remains a subject of interest. With Tesla’s shifting business strategies and Dogecoin’s fluctuating market dynamics, only time will tell how these two seemingly disparate domains may influence each other.
Also read: Whale Buys 1 Bln Dogecoin From Binance, Is $0.1 Next?
Shraddha's professional journey spans over five years, during which she worked as a financial journalist, covering business, markets, and cryptocurrencies. As a reporter, she has placed particular emphasis to learn about the market interaction with emerging technologies.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.