Dogecoin (DOGE), the leading meme coin in the crypto sphere, witnessed a notable uptick on Thursday, propelled by the influential backing of Tesla and SpaceX tycoon Elon Musk
Dogecoin (DOGE) price experienced a notable uptick on Thursday, thanks in large part to the renewed support of Tesla and SpaceX tycoon Elon Musk, a long-standing advocate of the digital asset.
Musk once again displayed his support for Dogecoin through a clever social media post, which triggered a surge in the token’s value and sparked reactions across the cryptocurrency community.
Elon Musk's DOGE Humor Boosts Price, Michael Saylor Chimes In
In a characteristic move on Thursday, the tech mogul, who now owns the social media platform X (formerly Twitter), managed to cover two topics in a single post.
Musk referenced former President Donald Trump’s proposal for him to lead a government efficiency commission, embodying the idea with the phrase “Department Of Government Efficiency,” which he then playfully abbreviated as DOGE.
This playful nod not only fueled a rally in Dogecoin’s price but also prompted responses from industry figures like Michael Saylor, a prominent Bitcoin proponent, who retorted with the acronym “Banish, Tedious, Complexity” (BTC), highlighting the enduring appeal of Bitcoin.
This recent episode follows Musk’s earlier engagement with the Dogecoin community, where an X post featuring an image of the billionaire spelled out the word DOGE, which triggered a price resurgence for the cryptocurrency.
Afterwards, DOGE’s value saw a slight recovery, moving closer to the $0.10 mark. Despite a minor pullback, the token managed to secure a 2% increase on Sunday, reclaiming the $0.096 threshold.
Dogecoin Price Analysis
Musk’s latest social media intervention has pushed Dogecoin up to $0.101, marking a significant surge of nearly 4% over the past week and over 2% within the last 24 hours.
However, daily trading volume for the meme coin has not mirrored this bullish momentum. According to CoinGecko, the token has seen roughly $508 million in trading volume over the past 24 hours, indicating a 10% decrease amid broader market fluctuations.
This prevents any further gains for the token, as DOGE is still trading just below its 200-day exponential moving average (EMA) at $0.107, which could act as a short-term resistance for bullish investors should the current momentum continue.
Moreover, Dogecoin has faced additional downward pressure on longer time frames, amounting to nearly 4% over the past month, reflecting the struggles of major cryptocurrencies to regain higher levels.
The prevailing bearish market sentiment, coupled with the absence of substantial macroeconomic catalysts, has also limited the potential for further price upside across the digital asset landscape.
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