Dogecoin Surges as Musk Tweets Doge FTW

Dogecoin surges immediately to 2% as Tesla CEO and self-claimed Dogefather Elon Musk Tweets about the number 1 memecoin recently.

In the middle of the SEC's case against Coinbase, industry experts and famous figures have weighed in. Riot Platforms' vice president of research, Pierre Rochard, urged that Coinbase focuses on Bitcoin.

Similarly to Rochard, Twitter creator Jack Dorsey, known for his support of Bitcoin, has indicated support for prioritising the major cryptocurrency in the face of regulatory hurdles. The founder of Twitter also emphasised the paucity of large-scale censorship-resistant technologies such as Tor, Bitcoin, and Nostr. Let's see what are the possibility of Dogecoin's upsurge after this new move.

Elon Musk Again Hyped Dogecoin Market With His Tweet

Elon Musk, the world's richest man and current owner of Twitter, quickly responded to Dorsey's pro-Bitcoin stance with a simple yet attention-grabbing tweet, injecting his trademark wit into the discussion.

Musk, who has previously shown interest in Dogecoin, a cryptocurrency inspired by memes, tweeted: "DOGE ftw," an abbreviation for "for the win." Musk's brief response emphasised his continued enthusiasm for Dogecoin, giving an interesting twist to the ongoing debate over Bitcoin's importance.

Recently, A group of investors has accused Tesla CEO Elon Musk of insider trading with Dogecoin (DOGE), alleging that Musk traded to leverage his social media influence.

This development followed a class action lawsuit brought by the same group in June 2022, initially valued at $258 billion, charging Musk and his enterprises of inflicting severe losses for Dogecoin holders.

According to a revised petition in a federal court in Manhattan on May 31, the investors say that Musk engaged in a systematic course of market manipulation through a series of PR stunts targeted at increasing the price of Dogecoin. Since April 2019, these pranks have included public appearances and social media activities supporting Dogecoin. 

Amid all these allegations, Musk again did the same by supporting Dogecoin as if he doesn't care or just accepted the challenge. As this happens, there's a 100% chance of Dogecoin upsurging for a while before the Tweet effect fades away.

Dogecoin Price Analysis

Dogecoin (DOGE) is currently trading at $0.068469 with a 24-hour trading volume of $672,236,965. This indicates a 2.04% gain in the previous 24 hours and a -5.52% decrease in the last seven days. Dogecoin has a market valuation of $9,569,151,974 with a circulating supply of 140 billion DOGE.

On the daily chart, Dogecoin has made a descending triangle pattern which is mostly a bearish indicator. The memecoin declined on Monday due to FUD surrounding the crypto market after US SEC sued Binance over security violations. However, as soon as Musk tweeted about Dogecoin, the token started surging leading to a 3% gain instantly.

The 50-Day MA is still below the trading price which is a concern as bears are still dominating the market. The 14-day RSI is at 36 which is considered as a oversold zone. Right after the Musk tweet, RSI could be observed rebounded from the 30-mark line and started gaining upward momentum.

Conclusion

In conclusion, Dogecoin is experiencing a bullish uptrend due to highly positive social sentiment after Elon Musk's tweet. the thing to note is that the price will surge until the effect of the Tweet remains inside the market. Overall, Dogecoin market sentiment is positive and prices could break the current resistance.