- Elon Musk, billionaire investor revealed that Shiba-Inu-themed cryptocurrency Dogecoin can be used to buy merchandise on both Tesla and SpaceX.
- Despite the catalyst, analysts believe the Dogecoin price could fail to recover from its recent slump and identify $0.0637 as the short-term target.
- Analysts identify signs of capital rotation in Dogecoin, and believe recovery in Dogecoin is less likely.
Elon Musk’s recent tweet about accepting Dogecoin payments at SpaceX failed to trigger a rally in the Shiba-Inu-themed meme coin. Proponents believe DOGE could struggle to recover from its downtrend in 2022.
Dogecoin fails to make come back
Elon Musk, the billionaire founder and CEO of Tesla and SpaceX, who is popular by his self-proclaimed title of “Doge Father,” made a new announcement about Dogecoin. Musk informed the community that Dogecoin payments will now be accepted in exchange for merchandize on both Tesla and SpaceX.
Users would make Dogecoin payments through their wallet and purchase merchandise across these platforms. The billionaire CEO of SpaceX has made his choice of Dogecoin as payment clear, opening up the gates across shops in his projects.
Tesla merch can be bought with Doge, soon SpaceX merch too
— Elon Musk (@elonmusk) May 27, 2022