Based

Shift

Dogecoin

Elon Musk

<img width="1280" height="853" src="https://coingape.com/wp-content/uploads/2023/12/man-362150_1280.jpg" class="attachment-full size-full wp-post-image" alt="Pixabay" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2023/12/man-362150_1280.jpg 1280w, https://coingape.com/wp-content/uploads/2023/12/man-362150_1280-300x200.jpg 300w, https://coingape.com/wp-content/uploads/2023/12/man-362150_1280-1224x816.jpg 1224w, https://coingape.com/wp-content/uploads/2023/12/man-362150_1280-768x512.jpg 768w, https://coingape.com/wp-content/uploads/2023/12/man-362150_1280-150x100.jpg 150w, https://coingape.com/wp-content/uploads/2023/12/man-362150_1280-272x182.jpg 272w" sizes="(max-width: 1280px) 100vw, 1280px">
Tesla’s recent business forecast is enough to spark discussions about its potential impact on Dogecoin’s price in 2024. Elon Musk, often dubbed the ‘Dogefather’ and known for his influence on the coin’s value, is facing competition in the auto sector. 
Also read:&nbsp;<a class="editor-rtfLink" href="https://coingape.com/dogecoin-doge-rich-list-elon-musk/" target="_blank" rel="noopener">Dogecoin (DOGE) Rich List: Elon Musk Holds DOGE?</a> 
<h2 id="span-data-preserver-spaces-true-tesla-s-business-dwindled-to-competition-span">Tesla’s business dwindled to competition</h2> 
Bloomberg recently reported that Tesla is giving its popular model ‘Model Y’ a makeover at its China plant. As per the report, the electric car giant is planning mass production of the SUV by mid-2024. Meanwhile, Morgan Stanley’s Adam Jonas&nbsp;<a class="editor-rtfLink" href="https://finance.yahoo.com/video/tesla-revamp-model-y-crypto-214542781.html" target="_blank" rel="noopener">anticipates</a> 2024 to be challenging for Tesla’s auto segment. 
Another report by Business Insider reveals that Chinese car manufacturer BYD is expected to surpass Tesla as the world’s largest EV maker based on upcoming Q4 data, adding another layer to this story. 
<h2 id="span-data-preserver-spaces-true-doge-s-derivative-market-and-price-action-span">DOGE’s derivative market and price action</h2> 
Turning to Dogecoin’s performance, CoinGecko outlines a lukewarm price action in the last two weeks. At press time, the DOGE price is mute with slight gains over 24 hours. However, it continues to hold a significant market cap of $13.24 billion, despite being 87% away from its record peak of $0.73 achieved in May 2021. 
But the derivatives market reveals some profit-taking. Based on data from Coinglass, Dogecoin shows a 29% decline in volume and stands at $735 million. With some increase in open interest, the long/short ratio stands at 0.9677. This signifies that there are slightly more accounts with short positions than with long positions on Dogecoin, but overall, it’s a neutral market. 
<figure id="attachment_171355" aria-describedby="caption-attachment-171355" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-171355" src="https://coingape.com/wp-content/uploads/2023/12/Screenshot-2023-12-27-231037.png" alt="DOGE derivative market" width="1720" height="497" srcset="https://coingape.com/wp-content/uploads/2023/12/Screenshot-2023-12-27-231037.png 1720w, https://coingape.com/wp-content/uploads/2023/12/Screenshot-2023-12-27-231037-300x87.png 300w, https://coingape.com/wp-content/uploads/2023/12/Screenshot-2023-12-27-231037-1224x354.png 1224w, https://coingape.com/wp-content/uploads/2023/12/Screenshot-2023-12-27-231037-768x222.png 768w, https://coingape.com/wp-content/uploads/2023/12/Screenshot-2023-12-27-231037-1536x444.png 1536w, https://coingape.com/wp-content/uploads/2023/12/Screenshot-2023-12-27-231037-150x43.png 150w" sizes="(max-width: 1720px) 100vw, 1720px">
 <figcaption id="caption-attachment-171355" class="wp-caption-text">
 DOGE’s derivative market. Source: Coinglass
 </figcaption>
</figure> 
What is noteworthy is a Whale Alert&nbsp;<a class="editor-rtfLink" href="https://twitter.com/whale_alert/status/1739709174664069146" target="_blank" rel="noopener">signal</a> that recorded a transfer of 71 million DOGE, worth approximately $6.39 million, from an unknown wallet to Robinhood on Tuesday. 
Also read:&nbsp;<a class="editor-rtfLink" href="https://coingape.com/dogecoin-whales-shift-438-mln-doge-as-price-dips-whats-next/" target="_blank" rel="noopener">Dogecoin Whales Shift 438 Mln DOGE As Price Dips, What’s Next?</a> 
As the automotive and crypto worlds intertwine through influential figures like Musk, the correlation, if any, between Tesla’s business forecasts and Dogecoin’s market performance remains a subject of interest. With Tesla’s shifting business strategies and Dogecoin’s fluctuating market dynamics, only time will tell how these two seemingly disparate domains may influence each other. 
Also read:&nbsp;<a class="editor-rtfLink" href="https://coingape.com/whale-buys-1-bln-dogecoin-from-binance-is-0-1-next/" target="_blank" rel="noopener">Whale Buys 1 Bln Dogecoin From Binance, Is $0.1 Next?</a> 
The post <a href="https://coingape.com/tesla-shifts-gear-in-2024-will-it-have-a-ripple-effect-on-dogecoin/">Tesla Shifts Gear in 2024: Will it Have a Ripple Effect on Dogecoin?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Tesla Shifts Gear in 2024: Will it Have a Ripple Effect on Dogecoin?

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