Elon Musk’s Influence on Dogecoin Price Soars Again
Elon Musk has always proven to be a key figure in the world of cryptocurrencies, especially when it comes to Dogecoin (DOGE), his preferred cryptocurrency. His influence on DOGE has been remarkable, with any mention or action from him causing significant price fluctuations.
In the digital currency landscape, where DOGE has been struggling to keep up with its counterparts despite recent positive sentiment towards cryptocurrencies, there is no movement more significant than the meme coin.
Enthusiasts eagerly await every word from Musk and are aware of the potential impact his statements can have on price and overall market sentiment.
So, what did Elon Musk, the top boss of Tesla and SpaceX and owner of Twitter, say this time and how did it resonate with the DOGE community?
Elon Musk’s “Doges” preference drives Dogecoin price higher
Musk recently responded to a question on a popular social media platform. The question was about his preference for cats and dogs and the enigmatic billionaire promptly replied, “Doges.” This seemingly harmless reaction had immediate effects on the price of the meme coin.
After Musk’s endorsement, Dogecoin experienced a price increase of 3% on Monday. Its trading value rose from $0.07 to $0.073, reflecting the enthusiastic market reaction to Musk’s statement.
The sudden price surge further solidified the importance of Musk’s influence on Dogecoin and the broader cryptocurrency market.
At the time of writing this article, the initial excitement has subsided, and DOGE’s price on Coingecko has adjusted to $0.070024. Despite the slight decline from its peak, the meme coin still managed a modest increase of 0.5% within the last 24 hours.
Over a seven-day period, Dogecoin demonstrated a more promising rally with a significant gain of 8.2%.
Meanwhile, crypto trading expert Ali Martinez recently took to Twitter to share his prediction that Dogecoin is on the verge of a breakout and presents an opportunity for investors.
Martinez utilizes analysis of critical resistance levels and historical data on address accumulation, forecasting a potential price increase of 10% if DOGE surpasses the significant supply barrier of $0.75.
His insightful analysis suggests that breaking through the supply wall of $0.75 could trigger a substantial surge in the Dogecoin price, propelling it towards the $0.85 mark, where over 176,000 addresses previously acquired over $12.34 billion worth of DOGE.
This specific price level holds special significance, as there are approximately 176,000 addresses that previously purchased a significant amount of over 12.34 billion DOGE.
Please note that the content of this article is not investment advice. Investing is associated with risks, and when you invest, your capital is at risk.
Featured image by Doha News.