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The Doge father himself, Elon Musk, has breathed new life into the Dogecoin worth with a tweet, triggering a 4% spike. The Twitter CEO responded to a preferred Dogecoin group member and as soon as once more sparked the “Musk impact” for the DOGE worth.
Traditionally, nearly each Dogecoin-related tweet from Musk triggers some enhance within the worth of DOGE. Nevertheless, this spike is commonly short-lived, at the very least if the information doesn’t have a lot significance.
Dogecoin Rises Due To Elon Musk Joke
At the moment’s tweet from Twitter CEO Musk most likely belongs to this class of tweet. In a light-hearted tweet, Musk responded to Twitter consumer “DogeDesigner” (@cb_doge), who needs to go to the social media firm’s headquarters when he travels to the USA in a month. He wrote:
Hey Chief Twit Elon Musk. I might be touring to the US subsequent month to witness the Starship Launch. Would love to go to the chicken app headquarters too. I spoke with somebody from the group & they stated, I would like your permission to go to.
Musk jokingly replied that this may price 3 DOGE: “Okay, however it’ll price 3 doge.” Amongst Dogecoin traders and merchants, this will likely have as soon as once more fueled the rumor that Dogecoin will someday be accepted as a fee methodology on Twitter.
Okay, however it’ll price 3 Doge
— Elon Musk (@elonmusk) March 23, 2023
Nevertheless, there isn’t any stable proof for this in the meanwhile. In latest months, it has grow to be very quiet a couple of potential integration of cryptocurrencies like Dogecoin on Twitter. Regardless that Elon Musk drops just a few Dogecoin tweets every so often, a DOGE integration appears to be off the desk in the meanwhile.
However, the value of the most important meme coin by market cap instantly started to rise shortly after Elon Musk’s tweet. A temporal causality is undoubtedly current.
Musk responded to a different tweet from “DogeDesigner” only a few hours earlier, writing, “$44 Billion was not the price of Twitter. It was the price of restoring free speech.” Musk responded with, “Some issues are priceless.”
In any other case, Musk has been making headlines recently for his feedback on Federal Reserve (Fed) coverage. In a pinned tweet, Musk writes {that a} massive motive depositors are fleeing is that persons are shifting their cash from low-interest financial savings accounts to high-interest cash market accounts (Treasury payments).
Earlier than yesterday’s Fed fee choice, Musk referred to as for a 50 foundation level fee lower to avoid wasting “the melting banks.” He additionally expressed help for requiring the FDIC to quickly insure all deposits above the present $250,000 cap to “cease financial institution runs.”
DOGE Worth Seems to be Bearish
The DOGE worth has elevated by 4% in a brief time period, however the momentum has not been sufficient to interrupt the robust resistance zone round $0.08. So long as DOGE trades beneath this mark, the meme coin is more likely to see additional consolidation or draw back.
Featured picture from Enterprise At the moment, chart from TradingView.com
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