Elon Musk Reveals Purpose Behind Dogecoin Funding, However Why Is DOGE Down?

Elon Musk Reveals Purpose Behind Dogecoin Funding, However Why Is DOGE Down?

Billionaire Elon Musk has been a long-time supporter of Dogecoin and he has not been shy in relation to speaking about his love for the meme coin. Normally, when Musk talks about DOGE, the value tends to go up as traders rush to capitalize on the publicity. Nonetheless, it isn’t the case this time round as a result of regardless of Musk mentioning the meme coin, its value has gone in the wrong way.

Elon Musk Says Don’t Guess On Crypto Or Dogecoin

Tesla CEO Elon Musk spoke on the Wall Avenue Journal’s CEO Council Summit held in London and amongst different matters, he touched on the crypto trade and Dogecoin particularly. Musk as soon as once more professed his help for Dogecoin, saying he likes the meme coin due to its humor and the truth that it included canines.

Nonetheless, he additional went on to state that he wouldn’t advise anybody to wager their life financial savings on both crypto or Dogecoin. “I’m not advising anybody to purchase crypto or wager the farm on, you recognize, Dogecoin or something like that,” the billionaire mentioned when requested if he was nonetheless a fan of crypto.

Musk has a protracted historical past of supporting the meme coin and it was this help that despatched the cryptocurrency rallying to new all-time highs again in 2021. At totally different factors since then, Musk’s posts have additionally moved the value positively. However his stance this time round has deviated from what is generally anticipated and the value of DOGE has suffered for it.

DOGE Worth Retraces Regardless of Musk Point out

In one of many uncommon circumstances, the value of Dogecoin has really retraced after Musk talked about the meme coin throughout his interview. The value is down over 3% within the final 24 hours alone and is now buying and selling dangerously near the $0.07 help stage.

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

Because of this, DOGE has fallen under its 200-day shifting common, a transfer that places it on a bearish path over the brief to mid-term. Additionally, with Bitcoin seeing losses, it has taken the market down with it, so there’s not a lot room for restoration for DOGE presently.

Nonetheless, many in the neighborhood proceed to carry out hope that Elon Musk will finally announce a DOGE integration on Twitter as a fee methodology. Such a transfer would little question result in an at the least 50% upside for the meme coin, and it may very well be a catalyst for its subsequent rally.

On the time of writing, DOGE is altering palms at a value of $0.07113.

Comply with Finest Owie on Twitter for market insights, updates, and the occasional humorous tweet… Featured picture from iStock, chart from TradingView.com

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