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The curious case of the DOGE-Musk relationship and what’s in store for the future

The curious case of the DOGE-Musk relationship and what’s in store for the future

Wanting on the value actions of Dogecoin (DOGE) in April, it may be speculated that the Tesla CEO doesn’t simply construct and drive vehicles however has an curiosity in driving tokens of the cryptocurrency market as effectively. In keeping with the most recent IntoTheBlock newsletter, Elon’s takeover of Twitter spiked a large curiosity within the meme coin another time, resulting in vital value actions.

On the time of writing the DOGE coin was buying and selling at $0.13. The token was 0.6% up within the final 24 hours and 1% up within the final seven days as per information from CoinGecko.

Supply: TradingView

On 30 April, the token closed at $0.12, nevertheless, a tweet from Mark Cuban about fixing Twitter’s spam concern with the DOGE clubbed with a response from the Musk led to the coin functioning within the inexperienced on 1 Could.

The Elon Impact

As per further information from the IntoTheBlock publication, the value of the token first spiked by 16% to a value of $0.17 when the Tesla CEO purchased 9% of Twitter. On 26 April, the value of the token additional jumped to $0.16 with Musk’s full acquisition of Twitter.

The variety of google searches additionally reached a 90-day excessive this week, giving it a rating of 100. Moreover, the Google traits rating for the meme coin grew solely to a rating of 5 this week compared to Could 2021 when the rating spiked even larger.

Supply: IntoTheBlock’s DOGE monetary indicators

Self-driven vehicles: Boring a lot?

This isn’t the primary time that Musk’s Twitter exercise has pushed the efficiency and recognition of the token. The 12 months 2021 noticed numerous cases whereby the value of the token spiked and declined primarily based solely on Elon Musk’s Twitter exercise. The tweet despatched out on 8 February 2021, 28 April 2021, 14 August 2021, and 14 December 2021. The chart given under additional factors out the value actions primarily based on the Tesla CEO’s tweets.

Supply: TradingView

Moreover, information from Santiment factors out towards an increase within the quantity of the meme coin publish Elon Musk’s exercise on Twitter. The quantity chart additional depicts areas with extraordinarily low quantity indicating towards inference that the meme coin is especially pushed by the phrases of the Tesla CEO. On 24 April 2022, the token witnessed a quantity of roughly 319 million that rose to six.88 billion on 26 April 2022.

Supply: Santiment

Will grasp give DOGE a sock?

Upon wanting on the value charts given above and analyzing the value actions of the meme coin earlier than and after the tweets of the “DOGE father”, it may be actually speculated that the hype across the token is often a results of Musk’s private views. Moreover, wanting on the inconsistency within the efficiency of the token is all of the extra cause to consider that the way forward for the DOGE is filled with anomalies.

Whereas Dobby could also be a free elf, seems to be like DOGE will at all times have a grasp!

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