Kucoin traders

Elon Musk enthüllt den Grund für die Investition in Dogecoin, aber warum ist DOGE im Minus?

Elon Musk, the billionaire entrepreneur, has long been a supporter of Dogecoin, and is not shy to talk about his love for the meme coin. Whenever Musk mentions DOGE, its price tends to rise as investors rush to capitalize on the hype. However, this time around, things have gone in the opposite direction, with the coin's price dropping after Musk's recent comments.

Speaking at the CEO Council Summit of the Wall Street Journal in London, Musk reiterated his support for Dogecoin, stating that he likes the coin due to its humor and the fact that it features dogs. However, he also urged caution when it comes to investing in cryptocurrencies, stating that he would not advise anyone to bet their savings on either crypto or Dogecoin.

Musk's longstanding support for DOGE has played a major role in boosting the cryptocurrency to new all-time highs in 2021. His posts on social media have also had a positive impact on the coin's price at various times. However, his recent comments have had the opposite effect, with the price of DOGE dropping by over 3% in the past 24 hours, bringing it dangerously close to the support level of $0.07.

This is a rare occurrence for Dogecoin, as the coin's price has typically risen after Musk's endorsements. The drop in price has also taken DOGE below its 200-day moving average, putting it in a short- to medium-term downtrend. Moreover, with Bitcoin also experiencing losses, there is currently not much room for DOGE to recover.

Despite this setback, many in the Dogecoin community remain hopeful that Elon Musk will eventually announce a DOGE integration on Twitter as a payment method. Such a move would undoubtedly lead to a potential 50% upside for the meme coin, acting as a catalyst for its next rally.

At the time of writing, DOGE is trading at a price of $0.07113. The market will be watching closely to see whether Musk's future comments will have a positive or negative effect on the price of the cryptocurrency.

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