Dogecoin Tanks After Gaining Momentum, Will It Mark New Gains?

Elon Musk, Tesla Inc.’s CEO, supports Dogecoin as the top meme coin. Musk’s influence has had a significant impact on DOGE as well as its community.

The majority of crypto assets that are trending or significant in the space require the backing of strong supporters. A proponent who is well-known and influential globally could be a catalyst for the asset’s trend.

Many people follow Musk’s social media posts and rely on his judgment for several crypto assets. Musk moved DOGE’s prices over a period of time.

Dogecoin broke an amazing market record by achieving daily reclaims. It is the world’s largest meme coin. DOGE experienced an over 8% increase each day in its value. It is believed that the most recent development in its activities was responsible for the sudden movement of the meme currency.

DOGE Surged With News Of Musk’s Acquisition Of Twitter

Musk reiterated his decision to acquire Twitter in a recent article. Musk plans to buy the social media site for nearly $44 billion.

This news of Musk’s move has created a favorable ground for Dogecoin to rally since the billionaire is a strong vocal proponent. After the announcement, DOGE’s price rose by 8.2%.

Musk has donated his time, resources, and personal time in order to make the meme coin better. He has also contributed to Dogecoin’s rise. Since its launch in 2013, the meme coin has been seen as a joke and is called ‘Joke Token.’ But Musk used his tweet posts to impact Doge, especially in 2021 positively.

Musk Renewing His Interest in Acquiring Tweet

Musk bought more than 70,000,000 TWTR shares in April 2022 for 9.2%. Musk later decided to acquire Twitter, transforming the social media site to a private business. The billionaire pledged $44 billion to the purchase.

Twitter initially accepted the offer. Elon Musk, however, later changed his mind. Elon Musk threatened to end the agreement and listed several issues as reasons for his withdrawal. This includes removing fraudulent accounts and eradicating the scams.

Dogecoin Tanks After Gaining Momentum, Will It Mark New Gains?
Tradingview.com: Dogecoin Trades Sideways On The Chart l DOGEUSDT

Musk ended the agreement in July and mentioned that Twitter has yet to fulfill its portion of the contract.

Featured Image from Pixabay. Chart by TradingView.com

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