Learn about the latest news and developments that are driving the price of DOGE, including Elon Musk's tweets about the meme coin. Find out more.

Key Points: 

An Elon Musk tweet sent $DOGE around 4.5% higher. 

Dogecoin has established itself as a top 10# crypto by market capitalisation. 

$DOGE has enjoyed a positive week of price action. 

$DOGE has outperformed the majority of leading cryptocurrencies in the past 24 hours after an Elon Musk tweet led to a sudden 5% pump. $DOGE is up around 4.5% in 24 hours and over 10% in the past week. The recent pump has allowed $DOGE to consolidate its position as a top ten cryptocurrency by market capitalisation, Polygon ($MATIC), trailing the dog-themed meme-coin in #11 by over $3 billion. This post will uncover the news moving the Dogecoin price today. 

Why Is the Dogecoin Price Going Up Today? 

Today $DOGE is trading at around $ 0.072 following a 4.5% price increase in the last 24 hours. The daily increase forms part of a weekly trend during which the token has racked up 10% in gains. Over the past month, the leading meme-coin has gained around 15%, but it is still down over 20% over the past 90 days. As the chart reflects, $DOGE has experienced a very volatile month of trading, but overall it's been moving in the right direction. 

$DOGE ’s most recent spike came after an Elon Musk tweet. Source: Binance

Dogecoin Pumps After Elon Musk’s Cryptic Tweet

The CEO of Twitter and Tesla, Elon Musk, is well-known in the crypto community, especially the Dogecoin community. Even though his most recent tweet was fairly in-direct, the fact that it used the word ‘dog’ was sufficient to impact the market. He tweeted on July 19th; by the next day, it had racked up over half a million likes. Just before the tweet, $DOGE was trading at $0.067, but minutes later, it had spiked to $0.071. 

Elon’s cryptic tweet about ‘Doges’. Source: Twitter

The post attracted thousands of comments related to Dogecoin. Such as this image doctored from The Lion King showing Musk lifting a Doge dog toward the sky - or moon - with the caption, “This time it’s different”. 

One of many memes posted in response to Elon’s tweet. Source: Twitter 

Unfortunately, for many Dogecoin fanatics, this time doesn't appear to have been different. Once again, a Musk tweet sent the token surging, and then it gave up most of the gains just hours later as short-term traders took their profits. 

How Has $DOGE Performed Since The $XRP Case? 

Although Elon’s tweet is the primary piece of news impacting the dogecoin price today, in the longer term, the charts tell us that the Ripple Labs ruling has also impacted $DOGE . 

Before the ruling was announced, $DOGE was trading at around $0.064; as the news about a Ripple victory started to spread, the price spiked all the way up to $0.074 in under 48 hours. $DOGE gave up some of its gains in the coming days and now, partly thanks to Elon’s tweet, is moving back towards its weekly high. 

The $XRP rally pulled several other alt-coins along, including $DOGE . 

Can $DOGE Reach A New All-Time High? 

Although $DOGE has experienced a very solid month, it is still trading well below its all-time high. In 2021, at the height of meme-coin mania, $DOGE hit $0.73, and speculation about it reaching the $1 mark was all over Twitter. As its market capitalisation exceeded $80 billion, the profit taking kicked off, and it has since seen a 90% price drop. 

Whenever Elon tweets and $DOGE spikes, some people speculate that one day the king of meme-coins will take another shot at reaching $1. This is very unlikely, as it would require the token’s market cap to grow by over $80 billion. However, this doesn’t mean that $DOGE doesn’t have any room to grow, and as it’s trading 90% below its all-time high, it's anyone's guess how high the next Elon tweet will push this alt-coin. 

Conclusion

The dogecoin price today is up primarily driven by Elon’s most recent dog-themed tweet. If we zoom out, we can see that $DOGE has been in an up-trend since the $XRP case, which has helped many other cryptos post consecutive green days. As ever with Dogecoin, it’s hard to tell where it will go next, but it does appear to have solidified its position as the #10 crypto by market capitalisation with its most recent rally. 

#dogecoin #dogearmy

Dogecoin (DOGE), the meme-inspired cryptocurrency, has been making waves in the crypto market over the past year. Its price has been on a rollercoaster ride, experiencing massive spikes and drops. However, according to a recent prediction by Santiment, a leading provider of cryptocurrency data and analysis, a massive surge in the price of DOGE seems imminent.

Santiment has a track record of accurate predictions in the crypto market, and its analysis is highly respected by investors and traders. In a recent tweet, Santiment stated that DOGE's social sentiment has been steadily increasing, indicating that there is growing interest and positive sentiment around the cryptocurrency. According to Santiment, this is a strong indicator that the price of DOGE is likely to experience a significant surge in the near future.

The tweet by Santiment reads, "Our weighted social sentiment for #Dogecoin is showing a steady uptick in positive discussions, which has historically preceded market value spikes. Keep an eye on $DOGE."

This prediction comes on the heels of a recent surge in the price of DOGE, which reached an all-time high of $0.69 in May 2021, largely due to Elon Musk's tweets and endorsement of the cryptocurrency. Since then, the price of DOGE has seen significant fluctuations, with many investors and analysts questioning its long-term potential.

However, Santiment's prediction has sparked renewed optimism among DOGE investors and traders, who believe that the cryptocurrency may be on the verge of another massive surge. Many are now closely monitoring DOGE's price and social sentiment, hoping to capitalize on any potential price increase.

It's worth noting that DOGE's price is heavily influenced by social media sentiment and online discussions. The cryptocurrency has a strong community of supporters who actively promote it on social media platforms such as Reddit and Twitter. This has led to a phenomenon known as the "DOGE army," which has been credited with driving the price of DOGE up in the past.

In conclusion, Santiment's prediction of an imminent massive surge in the price of DOGE has generated a lot of excitement and optimism among investors and traders. While it's important to approach cryptocurrency investments with caution and careful research, many believe that DOGE may be a strong contender for a profitable investment in the near future. Only time will tell if Santiment's prediction holds true, but one thing is for sure – DOGE is a cryptocurrency that continues to surprise and captivate the crypto community.

#DOGE #dogearmy #elonMusk #crypto2023 #BTC

The Dogecoin (DOGE) price has fallen over the past 190 days and is at risk of a long-term breakdown

The RSI readings in multiple time frames support the continuing of the decrease

A significant bounce at the current support line will invalidate this bearish forecast

The Dogecoin (DOGE) price is at risk of breaking down from a support line that has been in place for nearly a year. If this occurs, it could cause a sharp plunge.

The Relative Strength Index (RSI) readings from multiple time frames suggest that this breakdown is likely to occur. However, can DOGE go against the odds and initiate a bullish reversal?

Dogecoin Price Uncertainty Reigns Supreme

The technical analysis from the long-term weekly time frame does not provide clear signs as to what the Dogecoin future price trend is. 

On the bullish side, the price broke out from a descending resistance line (dashed) that had been in place since the all-time high. Breakouts from such long-term structures usually lead to significant increases.

This was the case initially since the DOGE price increased by 170% the week of the breakout, leading to a high of $0.159. However, the price has moved downwards in the 190 days since.

Now, the DOGE price is at risk of breaking down from an ascending support line that has been in place since June 2022.

This is the fourth time that the meme coin reached this support line. Since lines get weaker each time they are touched, an eventual breakdown from the line could occur.

DOGE/USDT Weekly Chart. Source: TradingView

The weekly RSI provides a bearish reading. By using the RSI as a momentum indicator, traders can determine whether a market is overbought or oversold and decide whether to accumulate or sell an asset.

If the RSI reading is above 50 and the trend is upward, bulls have an advantage, but if the reading is below 50, the opposite is true. The RSI is below 50 (red icon) and moving downwards, indicating that the trend is bearish.

DOGE Price Prediction: Breakdown a Matter of Time?

The daily time frame readings support the bearish DOGE price prediction from the weekly one.

The first reason for this comes from the wave count. Technical analysts employ the Elliott Wave theory as a means to identify recurring long-term price patterns and investor psychology, which helps them determine the direction of a trend.

The movement between March and April 10 resembles an A-B-C corrective structure (white). Since the correction has an upward slope, this means that the dominant trend is bearish.

The second reason comes from the RSI. In a similar fashion to the weekly time frame, the RSI is below 50 and falling (red icon). As outlined previously, this is a sign of a bearish trend. Moreover, the DOGE price attempted an unsuccessful bounce during the past 24 hours.

DOGE/USDT Six-Hour Chart. Source: TradingView

If a breakdown from the line occurs, the price could fall to the closest support area at an average price of $0.057.

However, an upward movement toward $0.095 could occur if a bounce occurs instead.

source: beincrypto

image source: unsplash

#DOGE #dogecoin #dogearmy #Meme #dyor

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Learn about Dogecoin's journey from a meme to a viable crypto, its price volatility influenced by its passionate community, and its reportedly upward future.

Key Points

Dogecoin, initially a playful meme coin, has evolved into a viable cryptocurrency with an engaged community and mainstream recognition.

Influential figures like Elon Musk and community-driven initiatives significantly influence Dogecoin's market performance and price volatility.

While predictions suggest a promising future for Dogecoin over the next few years.

Originally designed as a whimsical counterpart to Bitcoin, Dogecoin's metamorphosis from a meme-inspired novelty to a recognized digital asset is truly extraordinary. This article traces Dogecoin's price history and future prospects, providing valuable insights for those monitoring this coin's trajectory or contemplating an entry into the Dogecoin market.

What Is Dogecoin? 

Originating as a meme coin in 2013, Dogecoin was designed to be a fun, light-hearted cryptocurrency. Yet, it evolved into a mainstream digital currency, primarily due to its engaged community and unlimited supply, contrasting with Bitcoin's capped supply.

Will Twitter X Impact the DOGE Price?

Recently, Dogecoin made headlines when it rallied by 10% amid speculation around Twitter's rebranding to "X". This surge, mostly attributed to trades on the South Korean exchange UpBit, illustrated Dogecoin's sensitivity to market events and celebrity endorsements. The tech mogul Elon Musk, owner of Twitter, has a history of influencing Dogecoin's value with his social media remarks, and the rumour of Dogecoin becoming a payment method on "X" fueled this recent price bump.

Key Events in Dogecoin History

The history of Dogecoin starts in December 2013, when it was launched by Billy Markus and Jackson Palmer as a fun, less serious alternative to Bitcoin. Originating as a playful meme coin featuring the adorable Shiba Inu dog as its emblem, this cryptocurrency swiftly caught the attention of a substantial following. Gradually, Dogecoin evolved from a lighthearted venture into a significant contender within the cryptocurrency realm, proving that a jesting digital asset could attain genuine value and practical utility in the real world.

The Impact of Elon Musk Tweets on Dogecoin

Perhaps one of the most significant turning points in Dogecoin's history was when billionaire Elon Musk took a keen interest in the coin. Musk's tweets about Dogecoin have consistently resulted in significant price movements, underscoring his considerable influence over its market performance. One of the key instances was when Tesla, Musk's electric car company, began accepting DOGE payments for merchandise purchases. This not only validated Dogecoin as a viable digital currency but also contributed to its price surge. Musk's recent hint at the potential for Dogecoin to be used as a payment option for Twitter's premium service, Twitter Blue, also created significant speculation and excitement among investors.

DOGE Community-led Initiatives and Price Surges

Dogecoin's community has played a critical role in its history, pushing for its wider acceptance and creating significant price surges through coordinated buying efforts. One of the most notable events was the Reddit-driven price surge in early 2021. Following a trend set by the GameStop stock frenzy, Reddit users turned their attention to cryptocurrencies, particularly Dogecoin. Their concerted effort led to a massive price spike, pushing Dogecoin to previously unseen heights. This event not only highlighted the power of social media in driving crypto trends but also solidified Dogecoin's position as a popular and widely recognized digital currency.

Dogecoin Price History

Will Dogecoin go back up? can be partially addressed by examining its price history. Dogecoin's price trends have been anything but predictable, featuring sharp rises and precipitous falls. High-profile endorsements, social media trends, and market speculation have all played key roles in this volatility.

Dogecoin Price Predictions

Dogecoin price prediction forecasts growth over the next few years. 

Will Dogecoin go back up? According to Changelly's predictions, Dogecoin's future seems promising, albeit volatile. By the conclusion of 2023, the platform envisions Dogecoin's trading to reach at least $0.09, with an anticipated average price of $0.12. Looking ahead to 2025, the trajectory indicates a potential rise that could result in the coin's value averaging at $0.25. The overall outlook for the long term remains quite optimistic, with possibilities of Dogecoin surpassing its previous peak of $0.7378 by 2029 and being traded at an average price of $0.79992 in 2030.

Extensive forecasts for each month in 2027 and 2028 project positive growth trends for Dogecoin, envisioning the minimum price to possibly reach $0.61 by 2028. The maximum price is anticipated to soar to $0.74, while the average trading cost is foreseen to hover around $0.63 during the said period.

DOGE Predictions and the Factors Influencing Them

These predictions are rooted in Dogecoin's recent performance, its increased recognition, and the possibility of further acceptance in mainstream commerce, as fueled by speculations around Elon Musk's businesses and stakeholdings. The projected ROI of 515.7% by 2027 and 772.2% by 2028 is alluring, but it’s crucial to remember the inherent volatility of the crypto market.

The Potential Role of Elon Musk and Future Events in Dogecoin's Recovery

As past events have demonstrated, Elon Musk's endorsements play a significant role in Dogecoin's market performance. His businesses adopting Dogecoin as a payment method could positively impact the coin's value, as would further integration of DOGE into prominent platforms like Twitter. However, it's equally important to recognize that such potential developments are speculative and their actualization uncertain.

Will Dogecoin Go Back Up?

Factors such as potential endorsement by influential figures like Elon Musk, increased mainstream acceptance, and the robustness of the Dogecoin community are promising signs. The forecasts suggest a positive trajectory for Dogecoin, indicating that recovery could be on the horizon. However, given the highly speculative nature of these developments, caution is advised.

#DogeCoin #dogearmy