Affording Tesla Model Y with DOGE at 25 Cents

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【Summary】Investing in Dogecoin today could potentially allow someone to afford a Tesla Model Y in the future when Dogecoin reaches 25 cents. The price of Dogecoin has recently reached new highs, and Elon Musk's support of the cryptocurrency has further linked Dogecoin and Tesla. While Dogecoin cannot currently be used to purchase a Tesla vehicle, it can be used for merchandise. An investor would need to hold 175,960 DOGE at a price point of $0.

FutureCar Staff Nov 22, 2023 3:17 PM PT

Affording Tesla Model Y with DOGE at 25 Cents

The price of Dogecoin DOGE/USD recently reached new highs not seen since April, surpassing 8 cents.

One interesting aspect of Dogecoin is its connection to Tesla Inc TSLA, as the electric vehicle company's CEO Elon Musk has been a vocal supporter of the meme cryptocurrency.

Musk has frequently tweeted about Dogecoin, and Tesla, along with other Musk-owned companies, has even added support for accepting the cryptocurrency as payment.

While Dogecoin cannot currently be used to buy a Tesla vehicle, it can be used to purchase merchandise from time to time.

In May 2021, Dogecoin reached an all-time high of $0.7376, coinciding with Musk's appearance on "Saturday Night Live." However, the cryptocurrency has since experienced a decline and was further impacted by the collapse of several cryptocurrency platforms in 2022.

Over the past 52 weeks, Dogecoin has traded within the range of $0.05747 and $0.1110.

Although it remains uncertain whether Dogecoin will ever reach its all-time high again, many investors and crypto analysts hold optimistic expectations for its future, including potential integration with the social media platform X (formerly known as Twitter).

Now, let's explore how much an investor would need to invest in Dogecoin today in order to be able to afford a Tesla Model Y in the future.

The Tesla Model Y is currently the bestselling electric vehicle in the world and has the potential to be one of the top-selling vehicles globally by the end of 2023, when comparing both traditional automobiles and electric vehicles.

With a starting price of $43,990 before eligible tax credits, an investor would need to hold 175,960 DOGE at a price point of $0.25 in order to sell the holdings and purchase a Model Y, assuming the same starting price from today.

Therefore, an investor would need to invest $13,114.77 today, based on a DOGE price of $0.07452. If the value of the meme coin reaches $0.25, the investment would be sufficient to buy the popular electric vehicle.

Overall, the connection between Dogecoin and Tesla has garnered significant attention, and many individuals are intrigued by the potential future prospects of both.

Photo sources: Unsplash; Courtesy of Tesla