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Dogecoin price movement: will the Elon Musk and Tesla support increase its value?

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on Dec 14, 2021
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  • In the last 24 hours, DOGE saw an increase in its trading volume by 238%.
  • Its market cap also increased by 14%.
  • This makes it the ideal time to buy the DOGE token.

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Dogecoin DOGE/USD initially started out as a joke and was the foundation for other coins, which would eventually be dubbed “meme coins.”

However, over time it has found a mass level of appeal across its community, and it is still used as a tipping token on social media platforms.

Elon Musk support of Dogecoin as a catalyst for growth

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On November 29, we discussed how Binance resumed DOGE withdrawals after a tweet by Elon Musk, which showcases how influential he is when it comes to DOGE.

Elon Musk has been a huge supporter of cryptocurrencies, even despite the fact that Tesla dropped Bitcoin due to its Proof-of-Work (PoW) mining process.

That said, on December 14, Elon Musk made a Twitter post where he said that Tesla would make some merch buyable with Doge to see how it goes.

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Additionally, the billionaire CEO of SpaceX and Tesla mentioned that transactions per day of Dogecoin held more potential than Bitcoin’s, where he made the statement in an interview with Time Magazine, which named him “Person of the Year for 2021”.

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This award is given to the most influential person in a given year.

That said, Elon Musk said that he prefers Dogecoin for transactions and elaborated that he considers Bitcoin to be better suited as a form of a store of value due to the fact that the transaction volume of the network is low and the cost per transaction is high.

Should you buy Dogecoin (DOGE)?

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On December 14, Dogecoin (DOGE) had a value of $0.1985.

To see what this value point means for the DOGE token, we will go over its all-time high value as well as its performance in November.

The all-time high value of DOGE was on May 8, when the token reached a value of $0.731578. At its ATH value point, the token was $0.533078 higher in value or by 268%. 

When we go over the performance of the token in November, on November 8, the token had its highest value of $0.2938.

Its lowest value point was on November 28, when the token fell to a value of $0.1956. Here, we can see that the token decreased in value by $0.0982 or by 33%.

However, from November 28 to December 14, the token increased in value by $0.0029.

That said, by the end of January 2022, we can expect Dogecoin (DOGE) to climb up to $0.3.

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