The curious case of the DOGE-Musk relationship and what’s in store for the future

ambcrypto.com:

Looking at the price movements of Dogecoin (DOGE) in April, it can be speculated that the Tesla CEO doesn’t just build and drive cars but has an interest in driving tokens of the cryptocurrency market as well. According to the latest IntoTheBlocknewsletter, Elon’s takeover of Twitter spiked a massive interest in the meme coin all over again, leading to significant price movements.

At the time of writing the DOGE coin was trading at $0.13. The token was 0.6% up in the last 24 hours and 1% up in the last seven days as per data from CoinGecko.

Source: TradingView

On 30 April, the token closed at $0.12, however, a tweet from Mark Cuban about solving Twitter’s spam issue with the DOGE clubbed with a response from the Musk led to the coin functioning in the green on 1 May.

As per additional data from the IntoTheBlock newsletter, the price of the token first spiked by 16% to a price of $0.17 when the Tesla CEO bought 9% of Twitter. On 26 April, the price of the token further jumped to $0.16 with Musk’s full acquisition of Twitter.

The number of google searches also reached a 90-day high this week, giving it a score of 100. Furthermore, the Google trends score for the meme coin grew only to a score of 5 this week in comparison to May 2021 when the score spiked even higher.

Source: IntoTheBlock’s DOGE financial indicators

This isn’t the first time that Musk’s Twitter activity has driven the performance and popularity of the token. The year 2021 saw various instances wherein the price of the token spiked and declined based solely on Elon Musk’s Twitter activity. The tweet sent out on 8 February 2021, 28 April 2021, 14 August 2021, and 14 December 2021. The chart given below further points out the price movements based on the Tesla CEO’s