When we mentioned Dogecoin, Elon Musk is always and shall always be in the equation right. He is the man who made the coin so popular. In other words Dogecoin and Elon Musk forever be linked together. All thanks to the electric vehicle company's CEO for being among the most vocal supporters of the meme cryptocurrency. We always seen a ripple in the Dogecoin whenever, Elon musk is associated anywhere, from its brief tweet on the social media page or to taking over the social media platform. Dogecoin always behaved quite aggressively and the prices jumped.
Not only Elon Musk shown its support for the #dogecoin but several of his companies, including Tesla, also shown support now and then. Even there was news that the company are accepting the cryptocurrency for payments. Thinking of the "X" CEO and his companies so called passion for #dogecoin, I was wondering what it will take to own one of the super valued vehicle from Tesla if paid in #dogecoin.
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As far as my understanding about the Tesla cars, The ***Model Y from the is the bestselling EV in the world from the electric vehicle manufacturer. As we are nearing close to end of 2023 we may consider it as one of the top-selling vehicles globally, when comparing traditional automobiles and electric vehicles. Here is a quick some features of the vehicle:
- Vehicle type: 100% electric
- Number of seats: 5 seats
- Body shape: SUV
- Official WLTP range: from 283 to 331 miles
- Average range: from 232 to 271 miles
- Maximum Rapid DC charging rate: from 170 to 250 kW
The starting price for the Model Y is currently $44,000 (ex showroom) before for any eligible tax credits or other charges.
Over the past 52 weeks, the crypto coin has seen a huge volatility. The prices of the coin remain fluctuating over different time. It has traded between $0.05747 and $0.1110. The cryptocurrency has since fallen as it was reflected in other several cryptocurrency due to the bear run since 2022.
(Reference screenshot - Coingecko.com)
At the time of writing this piecce, the coin is trading at the $0.078087 as per coingecko.com
At todays prices, an investor need to be holding approx 5,64,100 Dogecoin to own the prices. Now as we are all expecting a bull run in 2024, we might also see a jump in #dogecoin. Assuming it reached to $0.25 (Quarter to a Dollor)
An investor would need to be holding 176,000 DOGE at a price point of $0.25 to be able to sell the holdings and buy a Tesla Model Y.
This means an investor would need to invest $13,800 today, based on a price of $0.078 for a 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 from Tesla.
Well this is above par assumption, but unless and untill we do not plan, we are unable to execute a better life. Currently, the investors and consumers can not use #Dogecoin to purchase a new vehicle from Tesla. 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. Moreover, we can expect anything in crypto world, as it happened to #dogecoin last time.
We can only hope for a miracle, that may allow us to own a super car from a mem coin. Elon musk has now become a brand for the meme coin and seeing his opportunistic approach for the coin, he may tweet or make anything possible to make the meme coin accepted as one of the payment currency. Lets hope the coming bull run , we get to see many surprises.