Every time Elon Musk mentions Dogecoin (DOGE), traders may be taking a different route instead of taking a long position. Larry Cermark, who adopts the adjective “lawyer” on Twitter, says that Musk made “good money” from DOGE with his tweets, but now it’s a “super-crowded bot trade.” This comment cryptocoin.com It was on the Dogecoin tweet directed by Elon Musk to McDonalds.
Interestingly, Cermark, The Block’s vice president of research, commented in response to Musk’s latest tweet, which included an offer to McDonald’s. This tweet caused a hamburger frenzy among the DOGE Army, but had no apparent impact on DOGE prices. So, do Elon Musk’s tweets really fail to send DOGE to the moon? Let’s take a look at the price impact on past tweets.
Are Elon Musk tweets effective?
Meanwhile, Elon Musk’s tweet above did not raise the price of DOGE. DOGE reached an intraday high of $0.1738 after its tweet and closed the 24-hour period at $0.1655.
Musk tweeted a photo of his Shiba Inu Floki wearing a cute Santa outfit on Christmas Day. Santa’s little helper got a lot of buzz online, but it didn’t translate into a tangible price increase for DOGE.
Accompanied by Musk’s tweet, DOGE reached an intraday high of $0.1925, but closed the 24-hour period at $0.19.
- The sharp decline in DOGE prices is clearly visible in the DOGE price chart.
Musk announced that Tesla will make some products available for purchase with DOGE on December 14. On the day of the announcement, DOGE rose to $0.2196 and then ended the 24-hour period at $0.1802. The ascent could not be sustained.
From the DOGE price chart, we can see that the meme coin’s price started to drop shortly after Musk’s tweet, although it appeared to have risen before Musk made the comment on Twitter.
Musk tweeted “Dooooge” in response to a CoinDesk story that referred to the high transaction fee of Ethereum (ETH).
The intraday session ended at $0.1576, though DOGE rallied to an intraday high of $0.1706 on the day Musk tweeted. It can be seen that DOGE quickly rises after Musk’s tweet, and then records a drop in price, as can be seen from the attached chart.
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