Home Crypto News Dogecoin is struggling to retain momentum

Dogecoin is struggling to retain momentum

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The latest tweets on Dogecoin from Elon Musk are not having a major impact on its value

The dogecoin frenzy seems to be waning with the crypto’s value regularly retreating. Mentions from Elon Musk appear to be not boosting its worth. Last month, the crypto loved a terrific upward momentum after the Tesla chief and entrepreneur talked about it on Twitter.

The crypto skyrocketed to attain a market cap of $10 billion. This occurred as its value surged by simply from underneath $0.01 to practically $0.10 in lower than two months. Forbes reported that the crypto’s explosion had satisfied its builders to make a comeback to improve the software program.

Things haven’t progressed so effectively although, because the finish of final month. The crypto has shed most of its worth, and its value has sunk to practically half, though Elon Musk and some different YouTubers discuss it often. Dogecoin at present sits about 40% off its peak with no robust indicators it would bounce again to its February excessive.

Weak tweets

Last week, Musk posted a humorous tweet captioned “Literally,” depicting the Shiba Inu canine in a spaceship swimsuit, elevating a dogecoin flag on the moon. He despatched one other tweet that meant to make clear the primary one, saying, “On the actual moon.” Musk implied that Dogecoin’s value was going to the moon.

The Tesla chief additionally tweeted concerning the crypto this week, saying, “Doge meme defend (legendary merchandise),” adopted by a picture illustrating the crypto’s worth being shielded from dropping by memes.

Both tweets have had little impression on the crypto’s value although. The dogecoin market has responded to neither meme – not less than not in the best way Musk might need hoped. On the opposite, Dogecoin value has stagnated round $0.05 because the month started.

The present response to these tweets from Musk is in stark distinction to what occurred in February. Musk’s affect and that of different high-profile figures helped drive the crypto’s value up by about 75% His publish ‘Dogecoin is the people’s crypto’ arguably had probably the most impression in steering Dogecoin value up.

The story of Elon Musk and dogecoin traces again to 2019 when he implied it was his favorite cryptocurrency. The assertion even earned him the title ‘dogecoin CEO’ in a ballot. Musk, nevertheless, lately clarified his remarks concerning the crypto have been nothing however jokes.

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