How Will Dogecoin (DOGE) React To Tesla Q3 Earnings?

Historically, the quarterly earnings results of Elon Musk’s Tesla have had a significant impact on Dogecoin (DOGE) price. The American automotive company is scheduled to report third quarter earnings after the bell on Wednesday. It is expected that the company would post rise in revenue compared to the last quarter. In this context, it will be interesting to track DOGE price movement after the earnings release. The memecoin had over the past week saw a dip in in its value.

DOGE As Payment Mode

Any mention of DOGE by Elon Musk had on most occasions resulted in Dogecoin price increase. Recently, Tesla CEO Elon Musk announced the acceptance of DOGE for The Boring Company’s Burnt Hair perfume. This led to an immediate DOGE price rise by around 3%. Earlier this year in May, Musk said select Tesla merchandise could be bought with Dogecoin (DOGE). The purchases can be made by integrating a Dogecoin wallet for transferring DOGE.

Even as efforts on Elon Musk takeover of Twitter happen in the background, the development led to a new debate. Reports suggested that Dogecoin (DOGE) could potentially become Twitter’s official native currency. After months of uncertainty, Musk could finally be closing the Twitter deal by the end of October.

Tesla Earnings Impact On DOGE

The market is expecting Tesla to report a Q3 revenue of $22.13 billion, which would mean a $5 billion rise from the last quarter. The last quarter was marred by Tesla’s pandemic and operations related issues. Therefore, a positive earnings call could mean that DOGE price will have an immediate jump. This, however, can only be estimated based on historic behavior of the memecoin but the reaction could perhaps be different.

As of writing, DOGE price stands at $0.05913, up 0.32% in the last 24 hours, according to price tracking platform CoinMarketCap. The memecoin followed a sideways pattern over the last 7 days.

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

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.