Elon Musk Tweets Another – But Did It Increase Dogecoin’s Price?

Elon Musk has consistently proven to be an important figure in cryptocurrencies, most notably Dogecoin (DOGE), his crypto of choice. His influence on DOGE has been nothing short of remarkable, with any mention or action of his 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 the cryptocurrency, any movement on Mem Coin is of utmost importance.

Enthusiasts eagerly await every word Musk says, recognizing that his statements can have a potential impact on price and overall market sentiment.

Given this context, what did Elon Musk, the top head of Tesla and SpaceX and owner of Twitter, say this time, and how did it resonate within the DOGE community?

Elon Musk’s choice of ‘doges’ boosts Dogecoin price

Musk recently answered a question on a popular social media platform. The question was about his choice between cats and dogs and the mysterious billionaire, promptly replied, “Dogez.” This seemingly innocuous reaction had an immediate effect on the price of Mem coin.

dogs

— Elon Musk (@elonmusk) 17 July 2023

Following Musk’s endorsement, the Dogecoin price soared on Monday with a notable 3% gain. Its trading price rose from $0.07 to $0.073, reflecting an enthusiastic market reaction to Musk’s statement.

The sudden price surge further reinforced the importance 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 enthusiasm has waned, and DOGE price on Coingecko has been adjusted to $0.070024. Despite a slight decline from the peak, MEM coin still managed to register a slight increase of 0.5% within the last 24 hours.

In seven days, Dogecoin showed a more promising rally with a substantial gain of 8.2%.

Source: Coingecko

Crypto Trading Expert Predicts DOGE Breakout

Meanwhile, crypto trading expert Ali Martinez recently took on Twitter To share his prediction that Dogecoin is on the verge of a breakout, which is presenting an opportunity for investors.

Leveraging an analysis of historical data on key resistance levels and address accumulation, Martinez predicts a potential 10% price increase if DOGE overcomes the critical $0.75 supply wall.

#dogcoin trying to get out!

Breaking the $0.75 supply wall would lead to a 10% rise to $0.85, where over 12.34 billion were previously bought at 176,000 addresses. $DOGE, pic.twitter.com/RJw7v7q30X

— Ali (@ali_charts) 15 July 2023

His insightful analysis suggests that breaking the supply wall at $0.75 could lead to a significant increase in the price of Dogecoin, which would lead it towards the $0.85 mark.

DOGE market cap nearing the $10 billion level. Chart: TradingView.com

This specific price level is of particular importance due to the presence of approximately 176,000 addresses that previously received a substantial amount of over 12.34 billion DOGE.

(The contents of this site should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Doha News