Will the price of Dogecoin continue to fall as Tesla stock plummets?

Due to the volatility of Tesla’s stock price, the Dogecoin crypto-currency is facing the repercussions of the carmaker. Elon Musk’s special connection to DOGE continues to have an impact due to Tesla’s ups and downs.

As we approach the end of 2022, the crypto-currency market continues to stagnate at the same price levels, with Bitcoin (BTC) holding below the $17,000 level. Meanwhile, crypto-currencies like Terra Classic (LUNC) are experiencing a rally due to progress in community performance.

Impact of Tesla stock price on DOGE

Tesla’s (TSLA) share price fell to $115.80, losing $7.35 on the day, a loss of 5.97%. This led to a further drop in DOGE’s price as part of a daily decline on Tuesday. At the time of writing, DOGE’s price is $0.07407, down 2.31% in the past 24 hours, according to price tracking platform Coingecko. The drop in Tesla’s share price comes after the automaker recently suspended production at its Shanghai factory.

The decision came at a time when China was experiencing a sharp increase in Covid infections. The impact of the Shanghai plant suspension was clearly visible, as TSLA’s share price fell 4.90% at the opening of trading.

Recently, a wallet reportedly owned by the largest holder of Dogecoin transferred 3.84 billion DOGE worth $280.6 million. Interestingly, this transfer took place at the same time that Elon Musk held a Twitter poll on whether he should remain CEO of the platform.