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Breaking News: Bitcoin To Bottom Out In 300 Days: Top Expert Forecasts $38,000 To $50,000 Price Point
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Breaking News: Bitcoin To Bottom Out In 300 Days: Top Expert Forecasts $38,000 To $50,000 Price Point

Elon Musk Reveals Reason Behind Dogecoin Investment, But Why Is DOGE Down?

Best Owie
Best Owie
Last Updated: May 24, 2023 1:22 pm
2 mins read
Dogecoin cryptocurrency physical coin held between two fingers.

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Billionaire Elon Musk has been a long-time supporter of Dogecoin and he has not been shy when it comes to talking about his love for the meme coin. Usually, when Musk talks about DOGE, the price tends to go up as investors rush to capitalize on the publicity. However, it is not the case this time around because despite Musk mentioning the meme coin, its price has gone in the opposite direction.

Elon Musk Says Don’t Bet On Crypto Or Dogecoin

Tesla CEO Elon Musk spoke at the Wall Street Journal’s CEO Council Summit held in London and among other topics, he touched on the crypto industry and Dogecoin in particular. Musk once again professed his support for Dogecoin, saying he likes the meme coin because of its humor and the fact that it incorporated dogs.

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However, he further went on to state that he would not advise anyone to bet their life savings on either crypto or Dogecoin. “I’m not advising anyone to buy crypto or bet the farm on, you know, Dogecoin or anything like that,” the billionaire said when asked if he was still a fan of crypto.

Musk has a long history of supporting the meme coin and it was this support that sent the cryptocurrency rallying to new all-time highs back in 2021. At different points since then, Musk’s posts have also moved the price positively. But his stance this time around has deviated from what is normally expected and the price of DOGE has suffered for it.

DOGE Price Retraces Despite Musk Mention

In one of the rare cases, the price of Dogecoin has actually retraced after Musk mentioned the meme coin during his interview. The price is down over 3% in the last 24 hours alone and is now trading dangerously close to the $0.07 support level.

Dogecoin (DOGE) price chart from TradingView.com

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

As a result of this, DOGE has fallen below its 200-day moving average, a move that puts it on a bearish path over the short to mid-term. Also, with Bitcoin seeing losses, it has taken the market down with it, so there is not much room for recovery for DOGE at this time.

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However, many in the community continue to hold out hope that Elon Musk will eventually announce a DOGE integration on Twitter as a payment method. Such a move would no doubt lead to an at least 50% upside for the meme coin, and it could be a catalyst for its next rally.

At the time of writing, DOGE is changing hands at a price of $0.07113.

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

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

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Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

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Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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