Historically, the quarterly earnings results of Elon Musk’s Tesla have had a significant impact on Dogecoin's (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 a 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 meme coin had over the past week seen a dip in its value.
DOGE As Payment Mode
Any mention of DOGE by Elon Musk had on most events resulted in a Dogecoin price increase. Recently, Tesla CEO Elon Musk announced the acceptance of DOGE for The Boring Company’s Burnt Hair smell. This led to an immediate DOGE price rise of around 3%. Earlier this year in May, Musk said privileged 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's 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 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, an upbeat earnings call could mean that the DOGE price will have an immediate jump. This, however, can only be estimated based on the historical behavior of the meme coin but the reaction could perhaps be different.
As of writing, DOGE's price stands at $0.05913, up 0.32% in the last 24 hours, according to the price tracking platform CoinMarketCap. The meme coin followed a sideways pattern in the previous 7 days.
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