Dogecoin Surges 4% Due To This Elon Musk Tweet

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The Doge father himself, Elon Musk, has breathed new life into the Dogecoin worth with a tweet, triggering a 4% spike. The Twitter CEO responded to a preferred Dogecoin group member and as soon as once more sparked the “Musk impact” for the DOGE worth.

Traditionally, nearly each Dogecoin-related tweet from Musk triggers some enhance within the worth of DOGE. Nevertheless, this spike is commonly short-lived, a minimum of if the information doesn’t have a lot significance.

Dogecoin Rises Due To Elon Musk Joke

Right now’s tweet from Twitter CEO Musk most likely belongs to this class of tweet. In a light-hearted tweet, Musk responded to Twitter consumer “DogeDesigner” (@cb_doge), who needs to go to the social media firm’s headquarters when he travels to the USA in a month. He wrote:

Hey Chief Twit Elon Musk. I can be touring to the US subsequent month to witness the Starship Launch. Would love to go to the fowl app headquarters too. I spoke with somebody from the group & they stated, I would like your permission to go to.

Musk jokingly replied that this can price 3 DOGE: “Okay, however it should price 3 doge.” Amongst Dogecoin traders and merchants, this may occasionally have as soon as once more fueled the rumor that Dogecoin will someday be accepted as a cost methodology on Twitter.

Okay, however it should price 3 Doge

— Elon Musk (@elonmusk) March 23, 2023

Nevertheless, there is no such thing as a strong proof for this in the intervening time. In current months, it has develop into very quiet a couple of doable integration of cryptocurrencies like Dogecoin on Twitter. Although Elon Musk drops just a few Dogecoin tweets now and again, a DOGE integration appears to be off the desk in the intervening time.

Nonetheless, the value of the biggest meme coin by market cap abruptly started to rise shortly after Elon Musk’s tweet. A temporal causality is undoubtedly current.

Musk responded to a different tweet from “DogeDesigner” just some hours earlier, writing, “$44 Billion was not the price of Twitter. It was the price of restoring free speech.” Musk responded with, “Some issues are priceless.”

In any other case, Musk has been making headlines recently for his feedback on Federal Reserve (Fed) coverage. In a pinned tweet, Musk writes {that a} huge purpose depositors are fleeing is that individuals are shifting their cash from low-interest financial savings accounts to high-interest cash market accounts (Treasury payments).

Earlier than yesterday’s Fed price determination, Musk referred to as for a 50 foundation level price reduce to avoid wasting “the melting banks.” He additionally expressed assist for requiring the FDIC to quickly insure all deposits above the present $250,000 cap to “cease financial institution runs.”

DOGE Worth Appears to be like Bearish

The DOGE worth has elevated by 4% in a brief time frame, however the momentum has not been sufficient to interrupt the robust resistance zone round $0.08. So long as DOGE trades beneath this mark, the meme coin is prone to see additional consolidation or draw back.