Dogecoin (DOGE) Price To Fall More With Tesla Stock Slump?

Dogecoin (DOGE) Price News: Owing to the volatility in Tesla stock price, meme cryptocurrency Dogecoin is facing the repercussions from the automaker. Elon Musk‘s special link to DOGE continues to have an impact due to Tesla’s ups and downs. As the year 2022 approaches the end, crypto market continues to remain stagnant at the same price levels with Bitcoin (BTC) maintaining a below $17,000 level. Meanwhile, cryptocurrencies like Terra Classic (LUNC) are experiencing rally due to advancements in community performance.

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Tesla Stock Price Impact On DOGE

The Tesla Inc. (TSLA) stock price fell to $115.80, losing $7.35 in the day at a loss of 5.97%. This led to a further fall in DOGE price amid a daily drop on Tuesday. As of writing, DOGE price stands at $0.07407, down 2.31% in the last 24 hours, according to price tracking platform CoinMarketCap. The Tesla stock price drop comes after the automaker recently suspended production at its Shanghai plant.

The move came at a time when a China was witnessing a huge surge in Covid infections. The impact of Shanghai plant suspension could be clearly seen as the TSLA price fell 4.90% at the stock market open.

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Recently, a wallet which is believed to belong to largest holder of Dogecoin has transferred 3.84 billion DOGE worth $280.6 million. Interestingly, the trade came just as Elon Musk organized a Twitter poll on whether he should continue as the platform’s CEO.

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.