Elon Musk’s Tesla Stock Drops 15%, Will Dogecoin (DOGE) Price Follow Suit?

Elon Musk's Tesla stock has experienced a sharp decline, losing nearly 15% of its value over the past few days. This drop follows a loss of post-election gains, with many attributing the decline to CEO Elon Musk's political involvement.

As Tesla faces struggles, Dogecoin (DOGE) price has also faced significant losses, now trading around $0.15 amid broader cryptocurrency market corrections. The question remains: can Dogecoin recover from this downturn?

Tesla Drops 15% As Stock Price Hits Lowest Since February

Tesla's stock has experienced a significant drop of over 15%, resulting in a loss of $125 billion in market value. This decline follows a decrease in the company's vehicle sales and profits, as well as a broader market selloff driven by fears of tariffs and recession.

The $1.5 trillion market capitalization peak that Tesla hit in December 2021 has since suffered a 45% decline, leading to substantial stock price losses since Elon Musk took part in backing Donald Trump's election campaign.

This involvement has raised concerns among shareholders, who are attributing the stock value decrease to Musk's political actions, including backing Trump while firing large numbers of U.S. government staff.

These actions have raised doubts about whether Musk is distracted from managing Tesla's core business. Despite the downturn, Tesla's market cap remains up by approximately $65 billion since the presidential election, indicating the ongoing confidence in the company's future prospects.

Will Dogecoin Price Break Key Support At $0.15?

The latest DOGE price analysis shows that the cryptocurrency is currently being affected by the market correction, leading to fluctuations in value.

As of March 11, 2025, the DOGE price has experienced a decrease of 8%, now trading at $0.1584. The price has been hovering between a crucial support level of $0.15 and resistance near $0.20.

The Moving Average Convergence Divergence indicator on the 4-hour chart is showing a bearish trend, with the MACD line dipping below the signal line, suggesting a decline in momentum.

The Relative Strength Index is currently sitting at 31, indicating that DOGE is nearing oversold conditions. If the downward pressure continues, the price may test the $0.10 support level in the near term.

Conversely, if the Dogecoin price prediction manages to break through the resistance level at $0.16, we might see a potential rally toward the $0.20 level.

The latest report indicates that whales purchased over 1.40 billion Dogecoin in the last 24 hours. This surge in large-scale purchases by significant holders could likely lead to increased price volatility.

As whale transactions influence market trends, the added buying pressure might push Dogecoin's value higher in the short term. Consequently, this activity could signal bullish sentiment for the token.

This analysis shows that Tesla's 15% loss may continue to affect its stock price, while Dogecoin's price is expected to fluctuate further as it faces support and resistance levels amid broader cryptocurrency market corrections.