How Did The Dogecoin Price React To Elon Musk’s Latest Dog Post?
The world’s richest man, Elon Musk, just lately posted an image of a Shiba Inu, Dogecoin’s mascot. However, the Dogecoin value did not react positively to the submit, because it has most instances completed previously when Musk made related posts.
Dogecoin Price Fails To React to Elon Musk’s Shiba Inu Post
The Dogecoin value did not surge on the again of Elon Musk’s X post, during which he posted a meme of a Shiba Inu enjoying a banjo. DOGE has previously rallied on the again of such posts as a result of the Japanese canine breed is the meme coin’s mascot. Notably, the submit comes amid a crypto market downturn, which has sparked bearish sentiment towards DOGE.
As such, this will likely clarify why the Dogecoin value did not rally on the again of Elon Musk’s X submit. DOGE is presently struggling under the psychological $0.2 value degree amid issues that the crypto market could also be in a bear market. The foremost meme coin and different altcoins have declined alongside Bitcoin, which is now method under the psychological $100,000 degree.
However, amid speculations that the Dogecoin price might already be in a bear market, a constructive for the foremost meme coin is Elon Musk’s announcement that X Money will launch quickly. There has been lots of hypothesis that DOGE may very well be included as a fee choice within the social media platform’s fee system.
This stays a risk, contemplating Elon Musk’s affinity for Dogecoin, even going so far as referring to himself because the ‘Dogefather.’ DOGE’s potential inclusion as a fee choice on X Money may function a bullish catalyst for the Dogecoin value, as it will increase the meme coin’s utility
What’s Next For DOGE Amid Bear Market Concerns
Crypto analyst CryptoCeek supplied insights into what’s subsequent for the Dogecoin value because it continues to say no. In an X post, he famous that DOGE is drifting towards $0.14 once more and {that a} breakdown under this degree may put an additional drop to $0.10 in sight. This places the foremost meme coin susceptible to dropping its bull market structure.
However, CryptoCeek added {that a} flip of the 20-day EMA can lead the Dogecoin value to reclaim $0.21. In the meantime, he declared that the vary merchants are nonetheless working the present. Meanwhile, crypto analyst Ali Martinez raised the chance that Dogecoin’s value may drop to as little as $0.07. He stated that under $0.16, assist for DOGE disappears rapidly, with the following actual demand zone at $0.07.
At the time of writing, the Dogecoin value is buying and selling at $0.16, down within the final 24 hours, based on data from CoinMarketCap.
