Elon Musk tweets usually have far-reaching effects on Dogecoin prices. His last two tweets, while directly referring to Dogecoin, did not have much of an impact on the price of the digital currency. Many digital currency activists say Musk’s talk no longer has an effect on Dogecoin’s price.
to the the report Coin Telegraph, Musk wrote yesterday with the release of a picture of the famous godfather movie character, Don Corlione:
On the image that Musk posted on Twitter, he wrote in imitation of the Godfather movie style:
When it comes time to run, do you come to me to say that the code you want to run is not compiled?
Following the tweet, the Dogecoin rose 8.5 percent from $ 0.2 to $ 0.261. Shortly afterwards, we saw an increase in sales pressure in the Dogecoin market, and this pressure pushed the price of the Dogecoin to $ 0.247. Ilan Musk then tweeted:
Baby (baby) Dodge, Dodododododudo. Baby Dodge, Dodo Dodo!
Following the second tweet, the Dogecoin rose 5.22 percent to $ 0.26.
Within hours of Ilan Musk tweets, the Dogecoin rose to $ 0.261, but traders’ profit cuts prevented further price increases. The joy of the long one-minute chart illustrates this well.
The Dogecoin is currently trading in the $ 0.23 range, down about 0.5 percent in the last 24 hours.
Earlier this year, Elon Musk backed the praise of the digital currency, causing the Dogecoin price to skyrocket. Early last month, the Dogecoin market value reached $ 100 billion. At the time, the price of a Dogecoin unit was $ 0.76.
Dogecoin’s current price is down about 5 percent from two months ago. Of course, the major digital currencies in the market, such as Bitcoin, Ethereum and Ripple, have also fallen by more than 50%, and the downturn in the market has added fuel to the Dodge Coin price drop.
The interesting thing about Elon Musk tweets about Dodge Coin was the increase in the price of Baby Doge Coin. The price of this digital currency recorded a significant jump after the tweets of Musk.
Baby Dogecoin traded in the $ 0.0000001 range before Elon Musk tweeted, after which the tweet grew by 35%. The price of this digital currency is so low that the Coin Market Cup website cannot calculate its market value and shows it as zero.