Updated on January 17, 2023 07:46 AM
From Musk indicating to join the Doge community to Musk asking people to step down as Twitter CEO, Dogecoin took the gain and the loss.
Elon Musk has shown interest in visiting a Dogecoin community space near Christmas, according to a tweet from the billionaire yesterday.
Sir Doge of the Coin requested the billionaire's attendance at a DOGE community Twitter area to discuss memes and speak directly with the community. "Nothing serious, merely entertainment," Sir Doge of the Coin described the Twitter environment.
Musk responded by stating that things are "intense right now," but that he expects a more favourable reception closer to Christmas.
Surprisingly, the news has done little to boost the value of the doggie meme coin. It is worth noticing that every time the Twitter CEO discusses meme currency, the price normally rises. Due to community conjecture, the price sometimes reacts even when he does not say it. For example, when Musk intimated in late November that if forced to create an "alternative phone," Dogecoin rose 6.7% as DOGE holders expected to see some type of DOGE integration.
The DOGE coin, like the rest of the crypto market, is presently printing losses. However, with Musk perhaps appearing on a DOGE Twitter account, it would not be strange to see the joke coin's price make one more positive bounce before the year closes.
At the time of writing, the price of Dogecoin is $0.077584, with a 24-hour trading volume of $296,169,725. In the last 24 hours, Dogecoin has dropped 2.28%. DOGE is currently ranked #8 on CoinMarketCap, with a market cap of $10,293,097,038. The circulation supply is 132,670,764,300 DOGE coins, and the maximum supply is not determined.
The 4-hour price chart of Dogecoin shows that the cryptocurrency witnessed a bullish strike and was able to breach the $0.07 threshold. In this move, the DOGEUSD pair has been aiming for the $0.07831 level, which is the current trading level at the time of writing.
The DOGE's relative strength index (RSI) is 34.69, indicating that it is in a decline. As a result, DOGE has initiated a bearish trend on a 4-hour price chart. This, however, signals that the price of DOGE might radically reverse in the coming days. As a result, traders must use caution. Another encouraging indicator for purchasers is the moving average of $0.0783.
The upper limit of the Bollinger band is $0.0880, which acts as the greatest resistance point for DOGE. The bottom limit of Bollinger's band is at $0.0733, signifying DOGE's strongest support level.
The daily chart of the Dogecoin price indicates a downward trend for today, as the currency value has progressively declined. In this move, the DOGE/USDT pair has been pushing towards the $0.07831 level, which is the current trading level as of this writing.
On a larger scale, the situation is uncertain because buyers have not yet taken the initiative following yesterday's bullish candle. Traders should keep an eye on the nearest mirror level, which is now at $0.08. If a breakout occurs, the upward movement might extend to $0.084.
Furthermore, volatility is increasing, which is good news for bidders expecting future price movements. The higher Bollinger bands are presently trading at $0.1119, while the lower ones are at $0.0767.
The relative strength index (RSI) stands at 36.67, indicating that the market has been oversold. The 50 SMA is currently above the 200 SMA, putting the Moving average indicator in a bullish zone. The 50 SMA is now at $0.094 on the 24-hour chart, while the 200 SMA is at $0.074.
Dogecoin (DOGE) fell in value on Monday after billionaire Elon Musk asked Twitter followers if he should stand down as CEO of the famous social media network. The cryptocurrency has dropped 2.2% in the last 24 hours. In comparison, the price of Bitcoin has dropped by only 0.6% during the same period. The meme coin is still quite sensitive to Musk's tweets and comments, so it's no wonder that DOGE fell when the controversial billionaire tweeted.
Till now, the poll has received around 57.3% “Yes” and 42.7% “No”. This poll is obviously for fun purposes.
Musk has frequently tweeted about the parody cryptocurrency, as well as shown his enthusiasm for Dogecoin's potential in several interviews. Tesla CEO Elon Musk also owns the meme cryptocurrency.
After lagging for the majority of 2022, Dogecoin saw a dramatic rally as a result of Musk's takeover of Twitter. The meme coin, on the other hand, took a blow after the social networking site abandoned its ambition to incorporate bitcoin wallets.
There are roughly 132 billion Dogecoin as of the end of 2022. This is a significant amount because there are no constraints on how many may be coined. This was done on purpose, as Dogecoin began as a joke.
Wallet Investor is somewhat more bullish than Digital Coin Price. According to the site, Dogecoin will be worth as little as $0.68 by 2025. The currency has already crossed this level and may be trading far higher by 2025. Overall, most analysts estimate that Dogecoin will be worth more than $1 by 2025.
Dogecoin was first introduced in December 2013.
On May 6, 2015, Dogecoin temporarily reached a price of $0.0000869, its lowest point.
On May 8, 2021, it reached its peak price of $0.682 per Dogecoin.
The meme is based on a 2010 image and rose to prominence in late 2013 when it was crowned Know Your Meme's "top meme" of the year.
The satirical cryptocurrency was created by software programmers Billy Markus and Jackson Palmer to mock Bitcoin and the many other cryptocurrencies boasting great aspirations to take over the world. The site quickly got popular thanks to Reddit.