The Dogefather Won’t Save This Dogecoin Dip, Here’s Why

Since Elon Musk appeared on SNL in May, Dogecoin has crashed more than 75%. On Tuesday, the meme

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin became the worst performing digital currency as investors fled.

Dogecoin Unholy Romance With The Dogefather

Earlier in the year, Elon Musk began tweeting about Dogecoin. His tweets served as a good signal for crypto investors as investors flocked to the

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin as the price skyrocketed. Musk helped to put the meme CoinGecko. That was around 76% lower than its record high of more than $0.70, reached in May amid expectations that Elon Musk would use his “Saturday Night Live” performance to pump the token.

The market cap of the southward movement. The $1 promise land the Dogecoiners expected continued to slip, yesterday’s crash capped it.

“Many expected Elon Musk’s SNL appearance to send the already-soaring dogecoin even higher,” Michael Kamerman, CEO of crypto firm Skilling, said. “It had the opposite effect.”

Cryptocurrencies have fallen dramatically since May after Elon Musk halted payments for Tesla in bitcoin, citing its “insane” energy use, and China started cracking down on crypto “mining.”

DOGE/USD is slowly recovering after yesterday’s crash. Source: Tradingview

Related article | Dogecoin Creator Says Crypto Price is 99.9% Driven By Greater Fools

Why Elon Musk Can’t Help

Many eyes turned to the Dogefather during this price drop. Former Bitrefill CEO John Carvalho quipped about Musk’s absence:

Say something, @elonmusk.

SAY SOMETHING. pic.twitter.com/sxKOtUik0b

— John Carvalho (@BitcoinErrorLog) June 22, 2021

Carvalho went on to criticize Elon:

“To lazy passers-by, I’m not a dogecoiner, I’m asking him (Elon Musk) to own up to being a colossal dou*** nozzle.”

Musk’s disappearance from the DOGE plunge, however, was not protracted, as he was seen Tweeting about ecosystem developments relating to the meme-

This is an important improvement

— Elon Musk (@elonmusk) June 22, 2021

Recently, pseudonymous analyst Tyler Durden highlighted a “Head and Shoulder” pattern and hinted that the alt’s price has a tendency to crash once it breaks below the $0.299 support level (which it did). He further claimed this time even the Tesla CEO can’t save DOGE:

“Even Elon can’t save this with his tweets. He’s tried and each time he just created another lower high. 0.05 is programmed.”

dogecoin
Source: Tyler Durden Twitter, TradingView

In addition, analysts have long warned that the meme- case of speculative mania, with the price influenced more by celebrity-induced buzz than anything fundamental.

“In this climate, it’s not a surprise that dogecoin, which began its crypto journey as a joke, has suffered one of the steepest declines in recent days,” said Susannah Streeter, senior markets analyst at broker Hargreaves Lansdown.

Related article | What Elon Musk’s Vision Of The Dogecoin Moon Could Look Like

Featured Image from Pixabay - Charts by TradingView

Adblock test (Why?)

Bitcoin Market Price Chart in RealTime

Please, do your own research (DYOR). This cryptocurrency nes analysis post was culled from NewsBTC


2021-06-23T15:26:37+00:00 June 23rd, 2021|Crypto News|Comments Off on The Dogefather Won’t Save This Dogecoin Dip, Here’s Why

Share This Info, Someone Might Need It Now!