Elon Musk Reveals Cause Behind Dogecoin Funding, However Why Is DOGE Down?

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Billionaire Elon Musk has been a long-time supporter of Dogecoin and he has not been shy in relation to speaking about his love for the meme coin. Often, when Musk talks about DOGE, the worth tends to go up as buyers rush to capitalize on the publicity. Nevertheless, it isn’t the case this time round as a result of regardless of Musk mentioning the meme coin, its worth has gone in the wrong way.

Elon Musk Says Don’t Guess On Crypto Or Dogecoin

Tesla CEO Elon Musk spoke on the Wall Road Journal’s CEO Council Summit held in London and amongst different matters, he touched on the crypto business and Dogecoin specifically. Musk as soon as once more professed his assist for Dogecoin, saying he likes the meme coin due to its humor and the truth that it integrated canines.

Nevertheless, he additional went on to state that he wouldn’t advise anybody to guess their life financial savings on both crypto or Dogecoin. “I’m not advising anybody to purchase crypto or guess the farm on, you realize, Dogecoin or something like that,” the billionaire stated when requested if he was nonetheless a fan of crypto.


Musk has an extended historical past of supporting the meme coin and it was this assist that despatched the cryptocurrency rallying to new all-time highs again in 2021. At totally different factors since then, Musk’s posts have additionally moved the worth positively. However his stance this time round has deviated from what is often anticipated and the worth of DOGE has suffered for it.

DOGE Value Retraces Regardless of Musk Point out

In one of many uncommon instances, the worth of Dogecoin has really retraced after Musk talked about the meme coin throughout his interview. The value is down over 3% within the final 24 hours alone and is now buying and selling dangerously near the $0.07 assist stage.

Dogecoin (DOGE) price chart from TradingView.com

DOGE falls to $0.071 | Supply: DOGEUSD on TradingView.com

Because of this, DOGE has fallen under its 200-day shifting common, a transfer that places it on a bearish path over the brief to mid-term. Additionally, with Bitcoin seeing losses, it has taken the market down with it, so there’s not a lot room for restoration for DOGE right now.

Nevertheless, many locally proceed to carry out hope that Elon Musk will ultimately announce a DOGE integration on Twitter as a fee technique. Such a transfer would little question result in an no less than 50% upside for the meme coin, and it might be a catalyst for its subsequent rally.

On the time of writing, DOGE is altering arms at a worth of $0.07113.

Follow Best Owie on Twitter for market insights, updates, and the occasional humorous tweet… Featured picture from iStock, chart from TradingView.com


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