After a long silence, Elon Musk, who has a place in the cryptocurrency world, is back. Moreover, with a single tweet, the Dogecoin (DOGE) price revived. The fun visual he shared at night made DOGE investors happy. On the other hand, it also caused fluctuations in the cryptocurrency market. So, how did this move by Elon Musk affect the Dogecoin price? With the rise of course!
Musk’s post affected the Dogecoin price slightly
The price of Dogecoin (DOGE), the biggest meme coin, fluctuated with Elon Musk’s post. It rose after Musk posted yet another meme dedicated to parodying Bitcoin. Moreover, it increased by more than 5%. Musk shared a variation of a popular joke from the 1979 comedy film Monty Python’s Life of Brian. The billionaire portrayed the mainstream media as members of the foot soldiers in the historical comedy film. Musk is clearly amused that the mainstream media has to cover the popular meme coin, which is among the top 10 cryptocurrencies by market cap.
However, the price increase caused by Musk was quite short-lived. This means that the power of the billionaire’s social media posts is decreasing. Controversial entrepreneur, cryptokoin.com As we reported, it is largely responsible for propelling Dogecoin into the spotlight in 2021 and sparking its massive rally, which ultimately saw the meme coin take fourth place in terms of market cap and briefly surpass $85 billion in market cap.
He helped DOGE break a record last bull season
Elon Musk, one of the richest businessmen in the world, once again showed his influence in the cryptocurrency market. Musk, who increased the price of Dogecoin (DOGE) during the last bull season, brought DOGE to the agenda again with his tweet after a long time. After this post, there was a turbulent rise in the price of Dogecoin. DOGE gained 6% in value with Musk’s post, rising to $0.14. However, the increase did not last long as decline became dominant in the broader market.
Elon Musk’s support for Dogecoin has created great excitement among DOGE investors. Many investors believe that Musk’s post will push the DOGE price even higher. Musk has been one of the most important names supporting Dogecoin for many years. He made a great contribution to the popularization of DOGE with his statements and investments in the past.
Dogecoin price in the current bearish market
Although the DOGE price rose around the time Elon Musk’s post started to reach the majority, it later fell. This decline was due to the general blood loss in the market. First of all, the largest cryptocurrency, Bitcoin, dropped to $62,000. In addition, many coins in the top 100 by market value experienced losses of around 10 percent.
As a result, it is difficult to say for sure what impact Musk’s latest post will have on the cryptocurrency market. The cryptocurrency market is a highly volatile market and may experience sudden price fluctuations. It is important for investors to invest consciously by paying attention to Musk’s posts and other market factors.
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