The price of Dogecoin (CRYPTO: DOGE) recently passed 8 cents and hit new highs not seen since April.
Here’s a look at how an investment in Dogecoin today could help someone afford an electric vehicle from Tesla Inc (NASDAQ:TSLA) in the future.
What Happened: Dogecoin and Tesla may forever be linked thanks to the electric vehicle company’s CEO Elon Musk being among the most vocal supporters of the meme cryptocurrency.
Musk has often tweeted about Dogecoin and several of Musk’s companies, including Tesla, have added support to accept the cryptocurrency for payments.
While investors and consumers can’t use Dogecoin to purchase a new vehicle from Tesla, the cryptocurrency can be used to purchase merchandise from time to time.
Dogecoin hit an all-time high of $0.7376 in May 2021, which came at the time of Musk’s appearance on “Saturday Night Live.”
The cryptocurrency has since fallen and was hurt by the collapse of several cryptocurrency platforms in 2022.
Over the past 52 weeks, Dogecoin has traded between $0.05747 and $0.1110.
While it remains to be seen if the cryptocurrency can ever get back to its all-time high, many investors and crypto analysts have high hopes for the future of Dogecoin, including the potential integration with the social media platform X, formerly known as Twitter.
Here’s a look at how much an investor would need to invest in Dogecoin today to be able to buy a Tesla Model Y in the future.
Investing in Dogecoin: The Tesla Model Y from the electric vehicle company is the bestselling EV in the world and could end 2023 as one of the top-selling vehicles globally, when comparing traditional automobiles and electric vehicles.
The starting price for the Model Y is currently $43,990 before eligible tax credits.
An investor would need to be holding 175,960 DOGE at a price point of $0.25 to be able to sell the holdings and buy a Model Y, assuming the same starting price from today.
This means an investor would need to invest $13,114.77 today, based on a price of $0.07452 for DOGE. If the investor buys the DOGE today and the meme coin hits $0.25, the investment would be able to purchase the bestselling electric vehicle.
Produced in association with Benzinga
