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Elon Musk Tweet: How Much Did Dogecoin Gain From it Today?
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Elon Musk Latest Tweet: How Much Did Dogecoin Gain From It Today?

Christian Encila
Christian Encila
1 year ago
3 mins read
Dogecoin

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The cryptocurrency market tends to thrive on a blend of innovation, utility, and sometimes, just a good meme. This week, the spotlight shone brightly on Dogecoin (DOGE), the Shiba Inu-themed meme coin, after a characteristically playful tweet from tech billionaire Elon Musk sent prices soaring.

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While the tweet itself referenced a scene from Monty Python and didn’t directly mention Dogecoin, its timing, with DOGE hovering near the cusp of the top 10 cryptocurrencies by market cap, proved to be enough to ignite a firestorm of trading activity.

This latest episode serves as a stark reminder of the immense influence Musk wields over the meme coin market, and the hair-trigger reflexes of Dogecoin’s dedicated community.

pic.twitter.com/wXlbpNU97H

— Elon Musk (@elonmusk) April 15, 2024

Dogecoin Rollercoaster Ride Continues

This isn’t the first time Musk has sent shockwaves through the Dogecoin world. In 2021, his enthusiastic endorsements, including a now-famous appearance on Saturday Night Live where he jokingly referred to himself as the “Dogefather,” propelled DOGE to its all-time high. However, the meme coin’s meteoric rise proved unsustainable, and prices eventually settled into a lower, but still respectable, position.

Bitcoin is now trading at $62.611. Chart: TradingView

Currently, Dogecoin sits comfortably as the eighth-largest cryptocurrency, boasting a market cap of over $22 billion. However, there was a different narrative in the price department.

At the time of writing, DOGE was trading at $0.15, down 8.4% and 22.9% in the daily and weekly timeframes, data from Coingecko shows. Clearly, the Musk tweet magic didn’t work this time. Or, perhaps not yet?

DOGE 24-hour price action. Source: Coingecko

A quick look at DOGE’s daily chart reveals a classic case of price resistance, where the coin struggles to break through specific price ceilings. This back-and-forth price action reflects the ongoing battle between enthusiastic buyers, emboldened by figures like Musk, and more cautious investors wary of the coin’s unpredictable nature.

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No Price Boost This Time

Elon Musk’s tweets have long been synonymous with skyrocketing memecoin values, yet today’s unexpected downturn in Dogecoin following his latest post underscores the volatile and unpredictable terrain of cryptocurrency markets.

This stark deviation from the usual trajectory serves as a poignant reminder that even the most influential voices in the industry cannot fully control or anticipate the market’s whims and fluctuations. It highlights the inherent risks and complexities investors face as they navigate this ever-evolving landscape, where sentiments can shift swiftly, leaving even seasoned traders reeling from the abrupt changes.

Featured image from Pexels, chart from TradingView

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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