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dogecoin elon musk

Has Dogecoin Become Resistant To Elon Musk’s Shilling?

Best Owie
by Best Owie
3 years ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Dogecoin had grown mainly off the back of billionaire Elon Musk’s shilling. By this time last year, the meme coin was booming in its full glory as tweet after tweet from the ‘Dogefather’ brought investors into the project in droves. Since then, the hype around the project has since died down as the price has lost more than 80% of its all-time high value. What’s more, is that now the meme coin seems to have developed a resistance against the billionaire’s shilling.

Dogecoin Says No To Elon

In the early hours of Friday, Elon Musk had once again tweeted in support of Dogecoin. This had developed from a tweet where Musk himself had said that the use of the word ‘billionaire’ should not be pejorative as it is “morally wrong and dumb.” A response from another tweeted user had suggested that the word ‘trillionaire’ was better than using billionaire anyway, to which Musk had replied, “Dogecoin Trillionaire, the movie.”

Dogecoin Trillionaire, the Movie 🍿

— Elon Musk (@elonmusk) May 26, 2022

Now, a tweet like this from Musk would have pumped the price of Dogecoin beyond comprehension 6-8 months ago. This would prove to not be the case this time around because although there was a small movement in the price of the digital asset, it was in no way significant. This has raised speculations in the space on whether the billionaire has indeed lost his influence on the price of the meme coin.

Related Reading | Over $10 Billion Pulled From USDT As Stablecoin Crises Continues

At the time of writing, the tweet is a couple of hours old. Looking at the Dogecoin chart shows that there was barely any movement in the price of the meme coin at the time the tweet went live and in the hours following it. Thus leading to the conclusion that investors are no longer hanging on every word of the billionaire when it comes to DOGE. Instead, the price of the digital asset has continued to trend around the $0.077 territory.

Dogecoin price chart from TradingView.com

DOGE trending at $0.0779 | Source: DOGEUSD on TradingView.com

Why DOGE Did Not Move

In the crypto space, it is very well known that hype makes a difference in the value of a digital asset. But what if that digital asset, along with the rest of the cryptocurrencies in the market, has been on an extended bear trend?

This has been the case with Dogecoin in the last couple of months. The meme coin is still trending significantly below its 100 and 200-day moving average. What this means for the digital asset is that both in the short and long term, it is a seller’s market. Thus, the bears are in control.

Related Reading | By The Numbers: The ROI On Buying The Blood In Bitcoin

The meme coin has also been in a prolonged state of consolidation. However, unlike times where consolidation usually ends with a recovery, DOGE shows no such signs. Accumulation is almost non-existent which continues to contribute to its dump in price. Without a steady accumulation trend, Dogecoin has little chance of breaking out of this consolidation in the short term.

DOGE is trading at $0.0775 at the time of writing. It still remains the 10th largest cryptocurrency in the space with a market cap of $10.34 billion.

Featured image from The Dial, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

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