Connect with us
Active Currencies 14749
Market Cap $2,270,042,128,781.60
Bitcoin Share 53.83%
24h Market Cap Change $-4.34

Elon Musk tweets ‘good point,’ sparks Dogecoin surge – How?

2min Read

Elon Musk’s return to X stirs the Dogecoin market with a simple, yet impactful remark.

Elon Musk tweets 'good point,' sparks Dogecoin surge - How?

Share this article

  • Musk’s tweet spurred a 2.65% rise in Dogecoin’s value, despite mixed market indicators.
  • IntoTheBlock data showed that 67.30% of DOGE holders were currently in profits, hinting at a bullish potential.

Following a significant legal victory over allegations of defrauding investors via Dogecoin [DOGE] manipulation and insider trading, Elon Musk and Tesla have emerged victorious.

With the legal disputes behind them, Musk has returned to social media, posting about DOGE on X (formerly Twitter).

What was Musk’s new tweet?

The conversation ignited when Elon Musk tweeted about Starlink bank accounts being frozen, sparking widespread interest and debate.

Among the responses, Sir Doge of the Coin, a notable figure in the Dogecoin community, commented, “Dogecoin fixes this.”

This remark was intended to underscore DOGE’s potential as a decentralized alternative to traditional financial systems, particularly in times when conventional banking can be unreliable. 

Although Musk simply remarked,

“Hmm … you make a good point.”

Sir Doge of the Coin

Source: Sir Doge of the Coin/X

Its impact on the crypto community

His brief remark still captured significant attention in the crypto world, particularly among Dogecoin enthusiasts.

Many interpreted his comment as a nod to DOGE’s potential, speculating that Musk might be considering a larger role for the cryptocurrency in his business ventures.

Additionally, there was speculation that Dogecoin could see integration into platforms like Tesla or Starlink, while others view it as part of Musk’s ongoing endorsement of the coin. 

Impact on DOGE’s price

As is often the case, Musk’s tweet triggered a familiar pattern, causing Dogecoin to experience a notable uptick.

According to CoinMarketCap, DOGE saw a 2.65% increase over the past 24 hours, trading at $0.0999.

However, an analysis by AMBCrypto using Trading View data reveals a more cautious outlook.

The Relative Strength Index (RSI) has dipped below the neutral 50 mark to 44, indicating ongoing bearish sentiment.

Additionally, the Moving Average Convergence Divergence (MACD) line remained close to but below the Signal line (orange), accompanied by red histograms, suggesting that bearish pressure continues to outpace bullish momentum.

Doge-Trading View

Source: Trading View

Bulls might soon outpace bears

Despite the bearish indicators, AMBCrypto’s analysis using IntoTheBlock reveals a more optimistic picture for Dogecoin.

According to their data, 67.30% of DOGE holders were “in the money,” with their tokens currently valued higher than their purchase price.

In contrast, only 27.46% of holders were “out of the money,” holding tokens worth less than what they originally paid.

This distribution suggested that Dogecoin may be poised for a bullish trend in the near future, as the majority of holders were experiencing gains.

Dogecoin in/out money

Source: IntoTheBlock

Share

Ishika is a graduate of Political Science from the University of Delhi. From writing content as a hobby to now pursuing it as a professional career, she has been living and breathing content all her life. Her interests lie in making sure articles are very digestible to a common reader, despite all its technicalities and jargons.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.