Despite an additional support from Tesla, Dogecoin price continues to plummet. Now, many traders are getting worried about Doge value and its market potential.

For reference, Dogecoin is a popular cryptocurrency based on the Shiba Inu meme. Dogecoin was introduced as a “fun alternative” to Bitcoin but ended up establishing its own digital market.

Due to its massive popularity, Dogecoin was briefly recognized as one of the best cryptocurrencies to invest in. But unfortunately for fans, its recent market performance shows that it is no longer the case.

Dogecoin Price Today: Doge Value Continues Decrease Despite Tesla Support

According to Livemint, Tesla announced Dogecoin as an alternative payment method for its merchandise starting December last year. Tesla encouraged its consumers to use Doge to pay for their “Cyberwhistle” and “Cyberquad for Kids” merchandise.

More recently, Dogecoin has been promoted as a payment method for the newly launched Santa Monica Supercharging Station. This means Tesla owners in the area can charge their car in the station and pay through the meme coins they stored in their e-wallets!

Twitter user Ryan Zohoury tweeted that the Santa Monica Supercharging Station was “almost full” merely 10 minutes after it opened. This proves that a lot of fans are raring to use the said service.

While you’re Supercharging check out https://t.co/YMMCfI48Av in your car! It’s the first app store for Teslas! pic.twitter.com/kfGybJeoAc

— Ryan Zohoury (@RyanZohoury) February 19, 2022

Note, however, that despite the likely massive profits Tesla gained during this launch, this logic does not apply to Dogecoin.

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Doge Value: 2022 Bearish Markets

According to Coingecko, Dogecoin is still down to $0.14 at the time of writing. The coin gained a 0.7 percent boost in the last 24 hours, but the number is admittedly lower than fan expectations. Its performance continues to drop drastically when compared to its trades earlier this month at 0.16 percent.

Coingecko’s real-time tracker pointed out that Doge value is now 81.1 percent lower than its all-time high of $0.73 last May 2021. Notably, these numbers could put a few traders in despair.

However, it should be emphasized that Dogecoin still grew by 159113.4 percent when compared to its all-time low over seven years ago. In quick summary, Dogecoin is one of the most successful cryptocurrencies in the market, but its overall value is not high.

Dogecoin Price Prediction 2022

Many fans are eagerly waiting for Dogecoin’s next big boost, which could replicate its big success in the past. Unfortunately, there is no guarantee that the coin can pull off this market performance for a second time.

FXS emphasized that Dogecoin is retesting its support level at $0.12. If the trades suddenly go bullish, this can signal a reverse where Doge can grow by 27 percent to a $0.16 value.

However, if trades are bearish, Dogecoin could re-establish itself with a new all-time low record.

Note, however, that cryptocurrency markets are generally unpredictable and volatile, so it is hard to determine whether Dogecoin will succeed or not. For now, fans are recommended to wait for further updates and be cautious when investing.

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Tesla CEO Elon Musk has announced that the company’s supercharging station will accept cryptocurrency Dogecoin as payment.



Santa Monica Supercharger will officially accept Dogecoin as payment, making it the first Supercharger in Tesla’s network to accept the crypto as a payment method.

“Of course, you can pay in Doge (sic),” said Musk in response to a tweet by Ryan Zohoury, the founder of Tesla Console who said that only ten minutes after the new Santa Monica Superchargers was opened they were already full.

Musk, a vocal proponent of both Doge and Bitcoin, has long hinted toward bringing Doge as a payment method to various parts of Tesla’s business. The company does accept Doge in its online store and there have been rumours of Tesla eventually accepting the crypto as a form of payment for its vehicles.

In a recent interview, Musk had also endorsed Dogecoin over any other crypto coin.

“The transaction value of Bitcoin is low and the cost per transaction is high. At least at a space level, it is suitable as a store of value. But fundamentally, Bitcoin is not a good substitute for transactional currency,” he said.

Musk also confirmed that he has a significant personal investment into bitcoin on top of Tesla’s investment and he has smaller Ethereum and Dogecoin holdings.

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In a tweet, Ryan Zohoury, founder of Tesla Console, said that only ten minutes after the new Santa Monica Superchargers was opened they were already full. Responding to this, Musk said that he has planned futuristic diner or drive-in theater at the Supercharging station, “and of course, you can pay in Ðoge.”

And, of course, you can pay in Ðoge

— Elon Musk (@elonmusk) February 19, 2022

Dogecoin was created in 2013 by software engineers Billy Markus and Jackson Palmer as a faster but “fun” alternative to Bitcoin. Initially, it started off as a satire on the numerous fraud crypto coins that had sprung up at the time. It takes its name and logo from a Shiba Inu meme that was viral several years ago.

This development comes as Musk announced in December that electric carmaker Tesla will accept Dogecoin for merchandise on a test basis.“Tesla will make some merch buyable with Doge and see how it goes,” he said in a tweet. Tesla sells merchandise such as apparel, belt buckle, mini models of its vehicles, quad bike ‘Cyberquad’ for kids and ‘Cyberwhistle’ modeled after its much-awaited Cybertruck.

In a recent interview with Time magazine, the Tesla and SpaceX chief endorsed Dogecoin over any other crypto coin. “The transaction value of Bitcoin is low and the cost per transaction is high. At least at a space level, it is suitable as a store of value. But fundamentally, Bitcoin is not a good substitute for transactional currency,” adding that even though Dogecoin was created as a silly joke, it is better suited for transactions.

Meanwhile, the Tesla CEO is a staunch supporter of Dogecoin. This became clear after a Twitter spat between Musk and Binance CEO Changpeng Zhao. The billionaire investor and founder of SpaceX raised concerns on behalf of Dogecoin holders regarding the recent DOGE problem at cryptocurrency exchange Binance.