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Dogecoin: Why ‘Even Elon can’t save this with his tweets’

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As Dogecoin was down 74.69% from its ATH 45 days ago, all eyes turned to the self-proclaimed Dogefather for some price-pumping tweets. Musk had single-handedly taken a meme-coin and placed it on a pedestal as one of the top ten cryptocurrencies. However, his bullishness on this joke coin couldn’t keep its value up for too long. 

The Tesla CEO’s favorite cryptocurrency shed tens of billions of dollars in value since he publicly plugged it on mainstream TV. Musk’s appearance on Saturday Night Live (SNL), which was bound to push the coin’s price up was in fact followed by some late-night dumping, after which DOGE’s price began its southward movement. Unfortunately, the DOGE community couldn’t see the $1 mark benchmark they had set for it. 

Amid this price dip, many eyes turned to the Dogefather and former Bitrefill executive John Carvalho joked about Musk’s absence from the scene: 

 

He further criticized the Tesla CEO saying:

“To lazy passers-by, I’m not a dogecoiner, I’m asking him (Elon Musk) to own up to being a colossal dou*** nozzle.”

However, to the relief of the Dogearmy, Musk’s absence from the DOGE dip was not prolonged as he was seen Tweeting about ecosystem updates related to the meme-coin. Replying to Dogecoin developer, Ross Nicoll’s Tweet about the fee reduction code and a possible run-through of it, live on the Dogecoin testnet, Elon applauded by calling it “an important improvement”

Dogecoin started as a joke and can field very little criticism of its rise and fall, apart from the viral promotional stunts by the likes of Musk and others. Many have argued that those who bought DOGE based on his efforts have lost money while others have pointed out some genuine use-case for the alt. 

Recently, pseudonymous analyst Tyler Durden highlighted a “Head and Shoulder” pattern and hinted that the alt’s price has a tendency to crash once it breaks below the $0.299 support level (which it did). He further claimed this time even the Tesla CEO can’t save DOGE:

“Even Elon can’t save this with his tweets. He’s tried and each time he just created another lower high. 0.05 is programmed.”

Can’t say that Tyler’s claims were wrong as Musk’s return to the scene did almost nothing for the alt other than slight gains which didn’t hold for long. At the time of writing, DOGE traded at $0.18 and its ROI over the past 7 days, vs USD, was down by 40.8%. The asset had tested its lower-key support at $0.17 and bounced back after the same.

Source: DOGE/USD, TradingView

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Varuni is a full-time journalist with AMBCrypto. She is interested in covering the socio-political aspects of U.S and South-Asian crypto markets. She is a post-graduate in mass communication with a specialization in Journalism and she has a keen eye for market trends.