Dogecoin, the popular meme-inspired cryptocurrency, has seen a surge in price following a subtle reference by tech billionaire Elon Musk on his social media platform X (formerly Twitter).
Elon Musk made a subtle reference to Dogecoin (CRYPTO: DOGE) in his latest post on X (NYSE:TWTR), which appears to have had an influence on the meme-inspired cryptocurrency's price.
What Happened: On Thursday, Musk mentioned a fictional “Department Of Government Efficiency,” which conveniently abbreviates to “DOGE,” the ticker symbol for Dogecoin.
Department OfGovernment Efficiency
— Elon Musk (@elonmusk) September 12, 2024
His posts have previously impacted Dogecoin's price, and this instance seems to be no different. Following the mention, Dogecoin's price increased by around 4% over the past week, trading at $0.101 at the last check.
The price movement comes amid broader market sell-offs, with Dogecoin's daily trading volume also showing a decrease of 10% to $508 million, according to data from CoinGecko.
Despite this, the cryptocurrency showed resilience, adding over 2% in the last 24 hours.
Dogecoin Price Analysis: Chart Shows Falling Wedge Pattern Forming, Where Price May Head Next
Now Pay Attention: A "falling wedge" price pattern appears to be forming on Dogecoin's price chart. If this pattern plays out fully, it could see Dogecoin's price rise to $0.15. This would be a significant 50% increase from its current price levels.
However, it's important to note that Dogecoin is still trading below its 200-day exponential moving average of $0.107, which could act as a short-term resistance level. The cryptocurrency has also faced downward pressure in longer timeframes, declining nearly 4% over the past month.
The recent price movement aligns with Dogecoin's history of volatility, especially in response to Musk's social media activity. The billionaire's influence on the cryptocurrency market has been a topic of discussion among investors and regulators.
Musk's latest reference to Dogecoin was part of a larger post, addressing former President Donald Trump's proposal for Musk to lead a government efficiency commission. By incorporating “DOGE” into his response, Musk once again showed his ongoing support for the cryptocurrency.
The event also sparked reactions from other figures in the cryptocurrency space. Michael Saylor, a prominent Bitcoin (CRYPTO: BTC) advocate, responded with his own acronym "Banish, Tedious, Complexity" (BTC), highlighting the ongoing competition and banter between supporters of different cryptocurrencies.
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