Elon Musk Latest Tweet: How Much Did Dogecoin Gain From It Today?
April 16 2024 - 8:30AM
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The cryptocurrency market tends to thrive on a blend of innovation,
utility, and sometimes, just a good meme. This week, the spotlight
shone brightly on Dogecoin (DOGE), the Shiba Inu-themed meme coin,
after a characteristically playful tweet from tech billionaire Elon
Musk sent prices soaring. Related Reading: Ethereum Fire Sale?
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While the tweet itself referenced a scene from Monty Python and
didn’t directly mention Dogecoin, its timing, with DOGE hovering
near the cusp of the top 10 cryptocurrencies by market cap, proved
to be enough to ignite a firestorm of trading activity. This latest
episode serves as a stark reminder of the immense influence Musk
wields over the meme coin market, and the hair-trigger reflexes of
Dogecoin’s dedicated community. pic.twitter.com/wXlbpNU97H — Elon
Musk (@elonmusk) April 15, 2024 Dogecoin Rollercoaster Ride
Continues This isn’t the first time Musk has sent shockwaves
through the Dogecoin world. In 2021, his enthusiastic endorsements,
including a now-famous appearance on Saturday Night Live where he
jokingly referred to himself as the “Dogefather,” propelled DOGE to
its all-time high. However, the meme coin’s meteoric rise proved
unsustainable, and prices eventually settled into a lower, but
still respectable, position. Bitcoin is now trading at $62.611.
Chart: TradingView Currently, Dogecoin sits comfortably as the
eighth-largest cryptocurrency, boasting a market cap of over $22
billion. However, there was a different narrative in the price
department. At the time of writing, DOGE was trading at $0.15, down
8.4% and 22.9% in the daily and weekly timeframes, data from
Coingecko shows. Clearly, the Musk tweet magic didn’t work this
time. Or, perhaps not yet? DOGE 24-hour price action. Source:
Coingecko A quick look at DOGE’s daily chart reveals a classic case
of price resistance, where the coin struggles to break through
specific price ceilings. This back-and-forth price action reflects
the ongoing battle between enthusiastic buyers, emboldened by
figures like Musk, and more cautious investors wary of the coin’s
unpredictable nature. Related Reading: Bitcoin Bonanza Before The
Halving? Analyst Sees Pre-Crash Buying Window No Price Boost This
Time Elon Musk’s tweets have long been synonymous with skyrocketing
memecoin values, yet today’s unexpected downturn in Dogecoin
following his latest post underscores the volatile and
unpredictable terrain of cryptocurrency markets. This stark
deviation from the usual trajectory serves as a poignant reminder
that even the most influential voices in the industry cannot fully
control or anticipate the market’s whims and fluctuations. It
highlights the inherent risks and complexities investors face as
they navigate this ever-evolving landscape, where sentiments can
shift swiftly, leaving even seasoned traders reeling from the
abrupt changes. Featured image from Pexels, chart from TradingView
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