Popular memecoin Dogecoin (DOGE) received a boost after Elon Musk's Tesla Inc reported its quarterly earnings results on Wednesday.
The American automotive company is said to have Q3 revenue of $22.13 billion, which is an increase of $5 billion from the last quarter.
In fact, the electric car company is expected to record an increase in revenue compared to last quarter.
Therefore, DOGE's price is likely to make a drastic jump if it has a positive earnings call* after the previous quarter saw disappointing results for Tesla.
* Conference calls between public company management, analysts, investors and the media to discuss the company's financial results in a specific reporting period, such as a quarter or fiscal year
It was clarified that now the price of DOGE is likely to make an interesting move following the earnings release after the memecoin during the past week witnessed a decrease in its value.
Meanwhile, Musk who acted to allow buyers of The Boring Company's Burnt Hair perfume to make payments using DOGE managed to make the price of the memecoin jump by 3%.
While in May this year, he stated that his customers can buy selected Tesla products using DOGE.
In the meantime, DOGE also has the potential to become Twitter's official currency as Musk is said to have taken over the social media platform.
Now the price of DOGE is hovering at the price zone of 0.05900 in the last 24 hours after making a horizontal movement over the last 7 days.
