Home Bitcoin Elon Musk Reveals Cause Behind Dogecoin Funding, However Why Is DOGE Down?

Elon Musk Reveals Cause Behind Dogecoin Funding, However Why Is DOGE Down?


Billionaire Elon Musk has been a long-time supporter of Dogecoin and he has not been shy in the case of speaking about his love for the meme coin. Often, when Musk talks about DOGE, the worth tends to go up as traders rush to capitalize on the publicity. Nevertheless, it isn’t the case this time round as a result of regardless of Musk mentioning the meme coin, its value has gone in the other way.

Elon Musk Says Don’t Guess On Crypto Or Dogecoin

Tesla CEO Elon Musk spoke on the Wall Avenue Journal’s CEO Council Summit held in London and amongst different subjects, he touched on the crypto business and Dogecoin specifically. Musk as soon as once more professed his assist for Dogecoin, saying he likes the meme coin due to its humor and the truth that it integrated canine.

Nevertheless, he additional went on to state that he wouldn’t advise anybody to guess their life financial savings on both crypto or Dogecoin. “I’m not advising anybody to purchase crypto or guess the farm on, you recognize, Dogecoin or something like that,” the billionaire mentioned when requested if he was nonetheless a fan of crypto.

Musk has an extended historical past of supporting the meme coin and it was this assist that despatched the cryptocurrency rallying to new all-time highs again in 2021. At totally different factors since then, Musk’s posts have additionally moved the worth positively. However his stance this time round has deviated from what is often anticipated and the worth of DOGE has suffered for it.

DOGE Value Retraces Regardless of Musk Point out

In one of many uncommon instances, the worth of Dogecoin has truly retraced after Musk talked about the meme coin throughout his interview. The worth is down over 3% within the final 24 hours alone and is now buying and selling dangerously near the $0.07 assist degree.

Dogecoin (DOGE) price chart from TradingView.com

DOGE falls to $0.071 | Supply: DOGEUSD on TradingView.com

On account of this, DOGE has fallen beneath its 200-day shifting common, a transfer that places it on a bearish path over the brief to mid-term. Additionally, with Bitcoin seeing losses, it has taken the market down with it, so there may be not a lot room for restoration for DOGE presently.

Nevertheless, many locally proceed to carry out hope that Elon Musk will finally announce a DOGE integration on Twitter as a cost technique. Such a transfer would little doubt result in an a minimum of 50% upside for the meme coin, and it could possibly be a catalyst for its subsequent rally.

On the time of writing, DOGE is altering palms at a value of $0.07113.

Follow Best Owie on Twitter for market insights, updates, and the occasional humorous tweet… Featured picture from iStock, chart from TradingView.com

Source link


Please enter your comment!
Please enter your name here