Elon Musk Fires Another Tweet – But Did It Lift Dogecoin Price?

Christian Encila

2 years ago

3 mins read

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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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.