"Elon Musk Indicator" Continues to Drive DOGE Candlesticks

In the early afternoon hours of March 14, 2024, Vietnam time, the crypto community on X (formerly Twitter) circulated a short video where Elon Musk hinted at Tesla's potential acceptance of Dogecoin payments.

"Elon Musk Indicator" Continues to Drive DOGE Candlesticks

During a recent visit to Tesla's Giga Berlin factory, the electric car company's CEO declared to an attentive crowd that eventually, people will be able to purchase Tesla vehicles with Dogecoin.

"When will you be able to buy a Tesla with Dogecoin? At some point, I think we should enable that payment method.

If you can buy Tesla merchandise with DOGE, that would be awesome.

So, Dogecoin to the moon."

Following the widespread sharing of the video, the price of DOGE surged sharply from approximately $0.170 to $0.194 within just 15 minutes. However, it soon began to record significant red candlesticks. At the time of reporting, DOGE was fluctuating around $0.188.

The 15-minute chart of the DOGE/USDT pair on Binance at 02:05 PM on March 14, 2024

Elon Musk's special fondness for the meme cryptocurrency Dogecoin is widely known throughout the crypto market.

The billionaire has even integrated Dogecoin as a means of payment for some items. He has also sporadically changed X's blue bird logo to the Shiba Inu dog, symbolizing Dogecoin, only to quickly revert it back.

However, it's important to note that Musk is not always the most reliable figure and often makes unpredictable statements on social media. Musk wields significant influence over DOGE's price, but after the initial FOMO fades, it often faces strong sell-offs.

Therefore, the community should avoid excessive FOMO with this "Elon Musk Indicator," especially amid the current volatile market conditions.