It is known that the popular chest coin Dogecoin (DOGE) is the beloved token of Tesla CEO Elon Musk. Elon Musk made a lot of pumps for DOGE with his shares and promises. That’s why a bond was formed between Tesla and DOGE. Now, it is a matter of curiosity how DOGE will react to Tesla’s 3rd quarter profits.
DOGE relationship with Tesla CEO Elon Musk
Historically, the utility results from Elon Musk’s Tesla have had a valuable impact on the Dogecoin (DOGE) price. The American auto company is scheduled to report its third-quarter earnings after the bell on Wednesday. The company is expected to record revenue growth compared to the last quarter. In this context, it will be different to watch the DOGE price action after the interest announcement. In the midst of this, it should be noted that the meme-coin, which was recognized last week, has seen a decrease in its value.
Koindeks.com As you follow, millionaire Musk’s mention of DOGE has caused altcoin price increases on more than one occasion. Recently, Tesla CEO Elon Musk announced that DOGE will be accepted as payment for The Boring Company’s Burnt Hair perfume. This caused the DOGE price to increase by about 3%. Earlier this year, Musk said that Tesla artifacts will certainly be purchased with Dogecoin (DOGE). Purchasing processes would be done by integrating a Dogecoin wallet for DOGE transfer.
In the middle, Elon Musk’s efforts to take over Twitter are also valuable. Although it took place in the background, the development led to a new controversy. Reports suggested that Dogecoin (DOGE) would potentially become Twitter’s official local currency. After months of uncertainty, it’s possible that Elon Musk will close his Twitter deal at the end of October.
Impact of Tesla profits on Dogecoin
The market expects Tesla to report $22.13 billion in revenue in the third quarter. This means an increase of 5 billion dollars compared to the last quarter. The last quarter was overshadowed by Tesla’s issues with the pandemic and operations. Therefore, on a positive utility announcement, the DOGE price is likely to take a quick bounce. But this is predicted purely based on the historical behavior of the chest coin. So, it’s also possible that the reaction is different.
At press time, DOGE is trading at $0.05973, up 1.37% in the last 24 hours, according to CoinMarketCap. However, the recognized chest coin has followed a sideways trend for the past 7 days. On the other hand, it is 92 percent off the all-time high of $0.7376.