It is well known that Elon Musk’s activity has had the greatest impact on the Dogecoin price, which is currently on the rise. It all started in 2021 when the popular meme-coin experienced a massive upswing of more than 800% in a single day. Since then, the mention of the Tesla CEO has had a significant impact on the price. Surprisingly, prices have also dropped in some cases. The core remains for the duration of the rally, which is typically very brief.
But why did Elon Musk change the Twitter symbol?
Elon Musk surprised the whole world again by changing the Twitter symbol to the Dogecoin theme. He recently shared an image of the ‘Doge’ meme sitting in a chair wearing a CEO T-shirt with the caption “The new CEO of Twitter is amazing.”
According to some reports, Musk is facing a $258 billion lawsuit from investors who accuse him of driving the DOGE price up by more than 36,000% in two years and running a pyramid scheme to support the crypto.
Will Dogecoin go to the moon?
Dogecoin’s price soared by more than 30% to mark a monthly high of around $0.1048 from levels of around $0.07. However, as happens each time, the price experienced a notable correction. As the prices soared, a DOGE whale quickly transferred 650 million DOGE worth $61.3 million.
This may have impacted the rally as the price appears to be consolidating at the moment and may experience a notable drop as the MACD may soon flash a bearish signal.
The buyers have gotten considerably exhausted, and hence the selling pressure may mount in the next few hours. However, the price continues to remain much above the crucial support level of $0.085 which flashes the possibility of the price remaining within the bullish influence. A minor pullback may still attract investors to flood in liquidity and keep up the bullish trend.
Source: https://coinpedia.org/altcoin/will-dogecoin-go-to-the-moon-with-elon-musks-fresh-attempt/