The analyst, Daan Crypto Trades, has been monitoring Dogecoin’s spike, which has bounced from its daily 200EMA (Exponential Moving Avenue). With a present price of $0.1624, Dogecoin has empowered the rise of 1.51% compared to the past day and 12.28% in the prior week. The surging positive sentiments views Dogecoin as well ahead of other Proof-of-Work (PoW) cryptocurrencies.

According to the analyst, traders who hunt for profit in the short run will find it useful to follow $0.16 as the crucial level. The main target for him is however at $0.3. He argues for Doge as a less risky alternative relative to small meme coins like $WIF or $PEPE. Its steady rate of price increase indicates growing interest.

The surge in prices has been noticed in Tesla’s announcement. The most famous electric car company, declared that they will allow the consumers to pay for their products using Dogecoin. This relocation brings about a remarkable transformation of the digital payment environment and is symbolic of the growing recognition of digital currencies in the traditional market.

As a result, Tesla’s steady foundation in the automotive industry has become the launchpad for Dogecoin to expand into a wider payment ecosystem. Further, advances may draw the attention of other large retailers to take the same steps, which will, in turn, expedite the adoption of crypto on the global level. The company stated;

Sending any other digital assets may result in the assets being lost or destroyed. Non-Dogecoin digital assets sent to Tesla will not be returned to the purchaser.

Alongside Tesla’s encouragement and presence in the media, Dogecoin cryptocurrency could enjoy unprecedented growth in value and acceptance.