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Elon Musk wants to bring Dogecoin back to Tesla online store

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Dogecoin, which Tesla CEO Elon Musk called his “fav cryptocurrency” back in 2019, could be making a comeback as a payment option on the electric vehicle maker’s website.

Recall January 2022, when Tesla began accepting the meme token as a payment option for certain merchandise (i.e., apparel and accessories) in its online store.

At some point, Dogecoin (DOGE) mysteriously disappeared as a payment option, prompting fans to inquire on X.com about possibly bringing it back.

Musk, who owns X.com and a majority of Tesla stock, is interested.

“Me,” Musk wrote in reply to an X user who asked whether anyone would like Tesla to “reinstate the option of”bring back the Dogecoin payment option” for merchandise. See below.

Currently, the Tesla store only accepts credit cards as a payment. It’s not clear when or why Dogecoin stopped being a payment option. The Austin, Texas-based company never broadly accepted Dogecoin for car payments, and there wasn’t a formal announcement about “removing” it as a payment option.

Musk the environmentalist?

Tesla’s crypto-as-a-payment policy is especially confusing, considering — in 2021 — Musk posted that the company intends to “use [Bitcoin] for transactions as soon as mining transitions to more sustainable energy.”

See below.

Cryptocurrencies like Bitcoin and Dogecoin require significant amounts of electricity to process transactions and ensure their respective networks remain secure.

Environmentalists and investors pointed out how the carbon footprint associated with cryptocurrency transactions was seemingly at odds with Tesla’s clean energy initiatives.

It’s also worth noting that Musk is a staunch supporter of former President and current Republican nominee Donald Trump, who pledges to roll back clean energy initiatives if re-elected.

Musk’s affirmation for Dogecoin came less than 24 hours after U.S. District Judge Alvin Hellerstein dismissed a federal lawsuit that accused the Tesla chief of defrauding investors through insider trading and market manipulation of Dogecoin.

The suit alleged that Musk misused his position as the world’s richest man to inflate the price of Dogecoin over “36,000%”  and then let its price crash, leading to losses for investors.

The plaintiffs argued that Musk’s actions could be justified as a “Dogecoin Pyramid Scheme,” where he promoted the cryptocurrency to profit from the volatility he allegedly created.

The price of DOGE once reached an all-time high of $0.73 but has yet to reach those price levels again.

Hellerstein said any statements made about Dogecoin are “aspirational and puffery, not factual” and that “no reasonable investor could rely upon them” for making investment decisions.

The judge also found that the facts did not support the plaintiffs’ allegations of a “pump and dump” scheme, market manipulation, and insider trading, underlining that it was “not possible to understand the allegations that form the basis” of these claims.

Whether the Dogecoin lawsuit dismissal bodes well for Tesla fans to once again use the dog-themed coin as a payment option when buying, say, a Cybertruck t-shirt, remains to be seen.



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Analyst Says Dogecoin Has Way More Room To Grow, Sees Potential Rally to New All-Time High for DOGE

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A closely followed crypto strategist believes that top memecoin Dogecoin (DOGE) may be gearing up for an explosive surge.

Analyst Ali Martinez tells his 80,000 followers on the social media platform X that DOGE has more upside potential based on the level of public interest relative to its current price level.

He uses Google search trends to gauge the level of interest for the top memecoin by market cap.

“I read people saying Dogecoin will not go higher because of ‘market cap,’ ‘sell the news,’ ‘better memes.’ Well, when you look at the interest in DOGE over time, it isn’t even at peak popularity yet. Long story short, DOGE has way more room to grow.”

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Source: Ali Martinez/X

He also says that DOGE may be forming a bull flag pattern on the hourly timeframe and may soon surge past its all-time high of about $0.74. In technical analysis, a bull flag is viewed as a continuation pattern, indicating that an asset is consolidating and gearing up for a fresh rally.

“Dogecoin appears to form a bull flag! I’m looking out for an hourly close above $0.40 which could trigger a breakout to $0.85!”

Image
Source: Ali Martinez/X

DOGE is trading for $0.3742 at time of writing, up 3.6% in the last 24 hours but down about 49% from its all-time high of $0.731.

Lastly, the analyst says that Bitcoin (BTC) may override a bearish signal from the TD Sequential indicator and hit six figures.

Traders use the TD Sequential indicator to predict potential trend reversals for tokens based on the closing prices of their previous nine or 13 bars or candles.

“Finally, I believe a sustained daily close above $91,900 will invalidate this bearish Bitcoin outlook and trigger a breakout to $100,680!”

Bitcoin is trading for $90,885 at time of writing, up 1.6% in the last 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Top Trader Unveils Path to New All-Time High for Dogecoin, Says DOGE Will Remind Everyone Who Is the King

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A trader who continues to grow his following with timely crypto calls is outlining a potential price path for Dogecoin’s (DOGE) rally to fresh all-time highs.

Pseudonymous analyst Bluntz tells his 292,900 followers on the social media platform X that Dogecoin looks poised for a new wave of upside bursts after printing a local bottom at around $0.339.

The trader shares a chart suggesting that DOGE could explode to a new all-time high of $0.85 before ending its five-wave surge.

“Nothing changed, we just had a nice 23% low time frame dip I’m counting as a wave four within a monster extended wave three impulse.

Once the next DOGE leg-up start, it will probably start to suck liquidity out of smaller memes again. The only reason they went so hard this week was because DOGE has been chilling for five days in my opinion.

I think this week will be a DOGE week.” 

Image
Source: Bluntz/X

Bluntz practices the Elliott Wave theory, a technical analysis approach attempting to predict future price action by following crowd psychology that tends to manifest in waves. According to Elliott Wave principles, a bullish asset often witnesses a five-wave rally, where waves one, three and five are upside moves and waves two and four are corrective periods.

At time of writing, DOGE is trading at $0.372, down 49% from its all-time high of $0.731.

Zooming in, Bluntz shares his forecast for DOGE in the coming days.

“Ideal scenario for DOGE is a slow grind up over the next few days which could set the stage for another parabolic breakout later in the week similar to the last…

I think DOGE is gonna gently remind everyone who the king is this week.”

Image
Source: Bluntz/X

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Dogecoin (DOGE) Eyes $0.50 Again: Is a New Rally on the Horizon?

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Dogecoin is consolidating gains above the $0.320 resistance against the US Dollar. DOGE is holding gains and eyeing more upsides above $0.400.

  • DOGE price started a consolidating like Bitcoin and stayed above the $0.320 resistance level.
  • The price is trading near the $0.3750 level and the 100-hourly simple moving average.
  • There was a break above a key bearish trend line with resistance at $0.3670 on the hourly chart of the DOGE/USD pair (data source from Kraken).
  • The price could continue to rally if it clears the $0.400 and $0.4150 resistance levels.

Dogecoin Price Eyes Fresh Surge

Dogecoin price started a consolidating phase above the $0.320 zone like Bitcoin and Ethereum. DOGE formed a base above $0.350 and is currently rising.

There was a move above the $0.3550 and $0.3620 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.4342 swing high to the $0.3400 low. There was also a break above a key bearish trend line with resistance at $0.3670 on the hourly chart of the DOGE/USD pair.

Dogecoin price is now trading near the $0.3750 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.3720 level.

Dogecoin Price

The next major resistance is near the $0.3880 level or the 50% Fib retracement level of the downward move from the $0.4342 swing high to the $0.3400 low. A close above the $0.3880 resistance might send the price toward the $0.400 resistance. Any more gains might send the price toward the $0.4200 level. The next major stop for the bulls might be $0.500.

Are Dips Limited In DOGE?

If DOGE’s price fails to climb above the $0.3720 level, it could start a downside correction. Initial support on the downside is near the $0.3650 level. The next major support is near the $0.3500 level.

The main support sits at $0.320. If there is a downside break below the $0.320 support, the price could decline further. In the stated case, the price might decline toward the $0.300 level or even $0.2950 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.3650 and $0.3500.

Major Resistance Levels – $0.3720 and $0.3880.



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