DOGE's Potential to Make Tesla Model Y Affordable

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【Summary】Investing in Dogecoin today could potentially help someone afford a Tesla Model Y in the future. Dogecoin has reached new highs recently and there is optimism for its future. To be able to buy a Model Y with Dogecoin, an investor would need to hold 175,960 DOGE at a price point of $0.25, requiring an investment of $13,114.77 based on the current DOGE price.

FutureCar Staff Nov 22, 2023 5:17 AM PT

DOGE's Potential to Make Tesla Model Y Affordable

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

It is interesting to consider how investing in Dogecoin today could potentially help someone afford an electric vehicle from Tesla Inc TSLA in the future.

Dogecoin and Tesla have become intertwined, largely due to the support of Elon Musk, the CEO of the electric vehicle company, who is known for being a vocal advocate of the meme cryptocurrency.

Musk has frequently tweeted about Dogecoin, and Tesla, along with some of Musk's other companies, has even added support to accept the cryptocurrency as payment.

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

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 has been affected by the collapse of several cryptocurrency platforms in 2022.

Over the past 52 weeks, Dogecoin has traded between $0.05747 and $0.1110.

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

Let's take a closer look at how much an investor would need to invest in Dogecoin today in order to be able to purchase a Tesla Model Y in the future.

Investing in Dogecoin: The Tesla Model Y is currently the best-selling electric vehicle in the world and could potentially be one of the top-selling vehicles globally by the end of 2023, when considering both traditional automobiles and electric vehicles.

The starting price for the Model Y is currently $43,990 before eligible tax credits.

To be able to sell their Dogecoin holdings and purchase a Model Y at the same starting price, an investor would need to hold 175,960 DOGE at a price point of $0.25.

This means that an investor would need to invest $13,114.77 today, based on a price of $0.07452 for DOGE. If the value of the meme coin reaches $0.25, the investment would be sufficient to buy the best-selling electric vehicle.

Photos: Unsplash; Courtesy of Tesla