The future of Tesla shares looks bright thanks to the payment of Dogecoin goods

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Exactly one month ago, Dogecoin (CCC:DOGE-USD) prices rose after a notification by Elon Musk. Men who greeted him as “Dogefather” confirmed it Tesla (NASDAQ:TSLA) will start accepting the popular meme coin as payment for the company’s goods. As a result of this news, the price of Dogecoin rose as investors wondered what the future would bring for both the original meme coin and the Tesla share. Today, as we observe the rise in Dogecoin prices on the first day of Tesla acceptance of this, we have our answer. And while the patterns we’ve seen with Tesla shares weren’t that exciting, there’s no reason to worry investors.

Source: Tudoran Andrei / Shutterstock.com

What’s going on with the Tesla stock

The first two weeks of 2022 were marked by turbulence for electric vehicle (EV) innovators. Today’s news did not help in this regard. Since that writing, Tesla shares have fallen 0.83% for the day and appear ready to close low this week. However, the gains it experienced a few days ago keep it on the green by 2.4% this week. Shares remain at almost 7% growth this month, boosting stock growth at the start of the new year.

Dogecoin, on the other hand, responded well to the news of the day. It is currently almost 9% higher. Despite yesterday’s fall, the cryptocurrency remains green for more than 24% for a week. Given the fall Dogecoin experienced on January 10, this is welcome news for investors.

Why it matters

To the uninitiated eye, this news may seem to benefit only one party involved. However, everyone must remember that Tesla shares are currently facing other market forces. The general momentum is not working in his favor today. As it was yesterday, fellow EV manufacturers Rivian (NASDAQ:RIVN) in Fisker (NYSE:SFO) monitor the decline of their shares throughout the day. In addition, Tesla’s recent decision to postpone the launch his electric Cybertruck raises a few eyebrows among investors.

While electric vehicle enthusiasts aren’t happy about having to wait another year for Cybertruck, this shouldn’t worry investors. Musk is known for delaying deadlines, but Tesla has retained its place at the top of the EV race. And despite the turbulent December, Tesla shares have remained green for more than 57% in the last six months. Investors are very optimistic, especially if the company secures its own expansion into India. If it comes to poor public relations, Tesla is very likely to shake it off easily.

While it may not receive much coverage, Tesla offers quite a few goods with a company theme. Now that it is accepting DOGE, it has opened up to a new range of customers. Cat InvestorPlace ‘Joel Baglole recently said: “A Tesla Cybertruck-shaped whistle costs 300 Dogecoins. At current prices, that’s about $ 59. A Tesla Gigafactory celebration belt buckle in Texas can be purchased for 835 DOGE or about $ 164.

What does this mean for the Tesla share

While the goods do not represent an important part of Tesla’s sales, accepting Dogecoin will only help increase its appeal on social media. Dogecoin is a meme token that triggered the madness of pupcoins – it is well known to be powered by a powerful digital army. When the Dogecoin army receives a tweet, they can help raise prices. As seen from here, Tesla will only witness an increase in sales of goods and the exuberance of social media.

Perhaps most importantly, this decision by Tesla helps provide additional credibility to Dogecoin. Musk has he tweeted that he owns a cryptocurrency, but accepting it as payment proves that the meme coin has real-world utility.

At the date of publication, Samuel O’Brient did not hold (directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are the opinions of the writer who are the subject InvestorPlace.com Guidelines for publication.

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