Elon musk, the current CEO of Twitter, and a well-known Dogecoin supporter has made a cryptic tweet centering on the memecoin.
While market participants expect Dogecoin to react positively by skyrocketing in price, the asset is still trading in the red zone. 

Billionaire Elon Musk, who also holds the position of Chief executive officer at Twitter, has recently tweeted about one of the most popular memecoins in the cryptocurrency market.

The Dogecoin proponent seemed to have taken a break from commenting on the cryptocurrency industry until very recently. Tweeting at his 143 million followers, Musk wrote “Cry ‘Havoc!’ and let slip the Doges of war.”

Cry ‘Havoc!’ and let slip the Doges of war

— Elon Musk (@elonmusk) June 10, 2023

Although it is uncertain what the Tesla founder is referring to, it is not uncommon to see him make tweets about Dogecoin.

As with many other cryptic crypto-related tweets, this one has also gained a lot of traction. With over 95,000 likes and nearly 11,000 retweets, it is expected that the market will react positively to the tweets.

Throughout the comment section of Elon Musk’s most recent tweets, Dogecoin proponents can be seen hailing the Twitter boss for recognizing Dogecoin once again. While a handful of others can also be seen anticipating a price pump.

However, some others seem to be more concerned about Elon Musk implementing the memecoin
into the Twitter platform. “Making a constructive use for Doge on Twitter would be another big step forward in the Musk Counter-Revolution” one user wrote.

Dogecoin bulls are yet to be awakened as losses remain uncleared

So far, Musk’s tweets seem to have done little to stir up Doge bulls. In fact, the price of the memecoin has barely picked up since the tweets were made.

With the ongoing crackdown by the U.S. Securities and Exchange Commissions on leading Cryptocurrency exchanges like Binance and Coinbase, it comes as no surprise that a handful of assets have turned red.

Dogecoin (DOGE) is one such asset that is experiencing a price dip at this time. Doge bulls appear to have lost a lot of momentum over the week, and this has been reflected in the price of the asset.

Over the last 7 days many altcoins have lost a significant portion of their gains and Dogecoin (DOGE) is no exception. The memecoin which sits right behind Cardano (ADA) has shed off over 15% of its gains over the last 7 days.

At the time of this report, Dogecoin has lost nearly 3% in price value over the last 1-hour and 24-hour time frame.
According to our data, Dogecoin currently trades at a price of $0.06072. In the long term, the market might record a positive turnaround, should the collective market sentiment change. However, at this time, Bitcoin along with many other altcoins is still struggling to stay afloat.

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Filed under: Bitcoin - @ June 12, 2023 3:14 pm