DOGE Holds Steady Following Elon Musk’s Recent Tweets

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In Brief
  • Tesla CEO Elon Musk has pushed the meme-based coin price higher through his tweets.

  • It has been a common trend for the dogecoin (DOGE) price to pump every time Musk does.

  • Some in the crypto community claim his actions lead to pump and dumps.

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The effect that Tesla CEO Elon Musk displays in the crypto sphere is undeniable. Yet again, Musk pushed the meme-based coin above the $0.05 level. DOGE gained 4.16% following a tweet: “Dojo for Doge.”

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According to a Reddit discussion, the tweet relates to the Tesla supercomputer, Dojo, which will reportedly be revealed towards the end of 2021. The supercomputer will help Tesla collect data from car cameras and those on the road owned by the company.

Furthermore, the technology is projected to be a breakthrough for self-driving cars. Despite DOGE’s recent downward trend over the past few weeks, the tweet seemed to revive price action. At the time of writing, the coin was trading around $0.05288. 

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DOGE/USD chart by TradingView

At the end of January, Musk had likely contributed a 420% plus increase in the coin, leading to its all-time highs around $0.087.

Constant DOGE Bullish Action after Musk’s Tweets

Considering the multitude of followers Elon Musk has garnered on Twitter, it is only natural that DOGE would pump. Over the past two months, Musk has shown increasing interest in crypto with a series of tweets endorsing Dogecoin.

On February 15, the Tesla CEO went on to air his concern about the number of DOGE top 100 wallets. He offered his support if the top holders agreed to sell their coins and pointed out that wealth concentration was hindering DOGE.

At first, the message was not positively received, leading to an over 20% decrease in DOGE’s price over the next few days.

DOGE/USD chart 15th February, TradingView

However, it seems to be back on track following the constant hype that Elon has managed to spur.

Mixed Reactions towards the Pump

While many believe that Musk is a champion of the people, others believe that his motive is basically to pump-and-dump.

Recently, investors could not take their eyes off the crypto markets after Tesla announced a $1.5 billion purchase of bitcoin (BTC). Even though this move proved to be a plus for bitcoin fans, it has led to speculation about where Musk’s true loyalty lies. 

However, his input towards the rise of the meme coin hasn’t been futile to many in its community. More investors, including those outside the crypto space, are getting more enthusiastic about endorsing DOGE. Currently, it ranks as the 14th crypto by market cap at $6.7 billion. 

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