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Elon Musk has consistently proven to be a pivotal figure in cryptocurrencies, particularly Dogecoin (DOGE), his crypto of choice. His influence on DOGE has been nothing short of remarkable, with any mention or action from him causing significant fluctuations in its price.
In the digital currency landscape, where DOGE has struggled to keep pace with its counterparts despite the recent positive sentiment surrounding cryptocurrencies, any movement on the meme coin carries a heightened significance.
Enthusiasts eagerly await every word uttered by Musk, recognizing the potential impact his statements can have on the price and overall market sentiment.
Given this context, what did Elon Musk, the Tesla and SpaceX top honcho and Twitter owner, say this time, and how did it reverberate within the DOGE community?
Elon Musk ‘Doges’ Preference Boosts Dogecoin Price
Musk recently responded to a question on a popular social media platform. The question was about his preference between cats and dogs, and the enigmatic billionaire, promptly answered, “Doges.” This seemingly innocuous response had an immediate impact on the price of the meme coin.
Doges
— Elon Musk (@elonmusk) July 17, 2023
Following Musk’s endorsement, Dogecoin experienced a surge in its price on Monday, with a notable 3% gain. Its trading value climbed from $0.07 to $0.073, reflecting the enthusiastic market response to Musk’s statement.
The sudden price increase further solidified the significance of Musk’s influence on Dogecoin and the broader cryptocurrency market.
DOGE to USD gets a little boost. Source: CoinMarketCap
However, as of the time of writing, the initial excitement has subsided, and DOGE’s price on Coingecko has adjusted to $0.070024. Despite the slight dip from the peak, the meme coin still managed to record a modest increase of 0.5% within the last 24 hours.
Over seven days, Dogecoin showcased a more promising rally, with a substantial gain of 8.2%.
Source: Coingecko
Crypto Trading Expert Foresees DOGE Breakout
Meanwhile, crypto trading expert Ali Martinez recently took to Twitter to share his prediction that Dogecoin is on the brink of a breakout, presenting an opportunity for investors.
Leveraging an analysis of critical resistance levels and historical data on address accumulation, Martinez foresees a potential 10% price surge if DOGE surpasses the significant $0.75 supply wall.
#Dogecoin is trying to break out!
Slicing through the $0.75 supply wall will trigger a 10% upswing to $0.85, where 176,000 addresses had previously purchased over 12.34 billion $DOGE. pic.twitter.com/RJw7v7q30X
— Ali (@ali_charts) July 15, 2023
His insightful analysis suggests that breaking through the $0.75 supply wall can catalyze a notable upswing in Dogecoin’s price, propelling it toward the $0.85 mark.
DOGE market cap nearing the $10 billion level. Chart: TradingView.com
This specific price level holds particular significance because of the presence of approximately 176,000 addresses that had previously acquired a substantial amount of over 12.34 billion DOGE.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Doha News
