dogecoin (DOGE) price spiked vertically by 3% today. It went from $0.07 to $0.073 per DOGE in just one minute. The catalyst behind this explosive price action?
Known for his playful interactions with the crypto community, Musk posted on Twitter a simple but effective answer to a question about his choice of cat or dog. gave. “Dogs.” This seemingly innocuous response is enough to ignite a sharp pumping in the price of the eponymous token.
doges
NEWS CONTINUES BELOW— Elon Musk (@elonmusk) July 17, 2023
However, it is clear that the pump is not short-lived. Just one minute after the vertical candle appeared on the DOGE price chart, it faded just as quickly. Surprisingly, just three hours after the tweet meme coinThe price of ‘s dropped more than 5% at one point. This effectively eliminated the entire pump. It left the coin several percentage points lower.
Things seem to have turned unexpectedly. Elon MousseTrying to trade Dogecoin based on k’s tweets or news may not be a good idea. It is possible for such situations to arise from such transactions. Hence, the odds of one getting negative results rather than competing profitably with lightning-fast trading bots that effortlessly take advantage of such trends are increasing.