The world’s richest man, Elon Musk, not too long ago posted an image of a Shiba Inu, Dogecoin’s mascot. Nevertheless, the Dogecoin worth didn’t react positively to the submit, because it has most instances carried out up to now when Musk made related posts.
Dogecoin Worth Fails To React to Elon Musk’s Shiba Inu Put up
The Dogecoin worth didn’t surge on the again of Elon Musk’s X submit, during which he posted a meme of a Shiba Inu enjoying a banjo. DOGE has up to now rallied on the again of such posts as a result of the Japanese canine breed is the meme coin’s mascot. Notably, the submit comes amid a crypto market downturn, which has sparked bearish sentiment towards DOGE.
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As such, this will likely clarify why the Dogecoin worth didn’t rally on the again of Elon Musk’s X submit. DOGE is at the moment struggling under the psychological $0.2 worth stage amid considerations that the crypto market could also be in a bear market. The foremost meme coin and different altcoins have declined alongside Bitcoin, which is now approach under the psychological $100,000 stage.
Nevertheless, amid speculations that the Dogecoin worth could already be in a bear market, a optimistic for the foremost meme coin is Elon Musk’s announcement that X Cash will launch quickly. There was quite a lot of hypothesis that DOGE could possibly be included as a fee choice within the social media platform’s fee system.
This stays a risk, contemplating Elon Musk’s affinity for Dogecoin, even going so far as referring to himself because the ‘Dogefather.’ DOGE’s potential inclusion as a fee choice on X Cash may function a bullish catalyst for the Dogecoin worth, as it will increase the meme coin’s utility
What’s Subsequent For DOGE Amid Bear Market Issues
Crypto analyst CryptoCeek supplied insights into what’s subsequent for the Dogecoin worth because it continues to say no. In an X submit, he famous that DOGE is drifting towards $0.14 once more and {that a} breakdown under this stage may put an extra drop to $0.10 in sight. This places the foremost meme coin susceptible to shedding its bull market construction.
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Nevertheless, CryptoCeek added {that a} flip of the 20-day EMA can lead the Dogecoin worth to reclaim $0.21. Within the meantime, he declared that the vary merchants are nonetheless operating the present. In the meantime, crypto analyst Ali Martinez raised the likelihood that Dogecoin’s worth may drop to as little as $0.07. He said that under $0.16, help for DOGE disappears rapidly, with the subsequent actual demand zone at $0.07.
On the time of writing, the Dogecoin worth is buying and selling at $0.16, down within the final 24 hours, in line with information from CoinMarketCap.
Featured picture from Freepik, chart from Tradingview.com
