Dogecoin Price Prediction as DOGE Jumps 5% in Minutes After Musk Tweet – Is the Elon Effect Weakening?
Dogecoin (DOGE) is trading around 3.5% higher in the past 24 hours, outperforming the likes of bitcoin (BTC) and ether (ETH), both of which are trading broadly flat.
The crypto market’s most valuable meme cryptocurrency, at least as measured by market capitalization, was last trading just above $0.07, having found support in the last few days at its 21 and 50-Day Moving Averages (DMAs) at $0.066 and $0.067, though having also found resistance at its 100DMA in the $0.072 area.
DOGE got an intra-day boost as Tesla, SpaceX CEO and Twitter owner Elon Musk tweeted a meme and said “doges ftw (for the win)”.
In a matter of minutes, DOGE rallied as much as 5%, only to quickly give much of these gains back.
Elon Musk has been a vocal proponent of Dogecoin in the last few years, saying he owns the coin, saying it could be a feasible form of money and hinting that he could integrate DOGE into a future Twitter payments system.
That’s marks the second time that Musk has teased the DOGE market with Twitter references in just a few days.
On the 17th of July, Musk responded to a tweet asking if people prefer dogs or cats with the word “doges”.
This also triggered a short-term pop for the DOGE price.
Clearly, traders still have their bots programmed to automatically start buying when Musk tweets any reference to Dogecoin.
But Musk’s most recent Doge references have failed to trigger any follow-through upside for Dogecoin.
The cryptocurrency is barely up on the week and is still over 5% below last week’s $0.075 highs.
Unless Musk does something to meaningful revive speculation that Dogecoin might be integrated into a future Twitter payments system, Dogecoin’s Musk-related tweet pumps will likely remain short-lived.
Dogecoin is moving higher within
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