Billionaire Elon Musk has been a long-time supporter of Dogecoin and he has not been shy in the case of speaking about his love for the meme coin. Usually, when Musk talks about DOGE, the worth tends to go up as traders rush to capitalize on the publicity. However, it isn’t the case this time round as a result of regardless of Musk mentioning the meme coin, its value has gone in the other way.
Elon Musk Says Don’t Bet On Crypto Or Dogecoin
Tesla CEO Elon Musk spoke on the Wall Street Journal’s CEO Council Summit held in London and amongst different matters, he touched on the crypto business and Dogecoin particularly. Musk as soon as once more professed his help for Dogecoin, saying he likes the meme coin due to its humor and the truth that it integrated canine.
However, he additional went on to state that he wouldn’t advise anybody to wager their life financial savings on both crypto or Dogecoin. “I’m not advising anybody to purchase crypto or wager the farm on, , Dogecoin or something like that,” the billionaire mentioned 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 help 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. But his stance this time round has deviated from what is generally anticipated and the worth of DOGE has suffered for it.
DOGE Price Retraces Despite Musk Mention
In one of many uncommon instances, the worth of Dogecoin has truly 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 help stage.
DOGE falls to $0.071 | Source: DOGEUSD on TradingView.com
As a results of this, DOGE has fallen under its 200-day transferring common, a transfer that places it on a bearish path over the quick to mid-term. Also, with Bitcoin seeing losses, it has taken the market down with it, so there may be not a lot room for restoration for DOGE at the moment.
However, many locally proceed to carry out hope that Elon Musk will ultimately announce a DOGE integration on Twitter as a cost technique. Such a transfer would little question result in an at the very least 50% upside for the meme coin, and it may very well be a catalyst for its subsequent rally.
At the time of writing, DOGE is altering fingers at a value of $0.07113.
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