Musk Tesla supports Dogecoin, and the market is in turmoil again! ?
On May 7, the Dogecoin market was in turmoil. Dogecoin whales transferred nearly 767 million tokens through a series of large transactions when the price of DOGE fell, and this action quickly attracted global attention. Especially after Robinhood received the Wells notice from the US SEC, the flow of a large number of DOGE tokens has exacerbated the tense atmosphere in the market.
Musk's Tesla recently announced support for Dogecoin payments, which undoubtedly injected new vitality into DOGE. However, the price of Dogecoin has since rebounded, and the market has made many speculations about its future trend.
According to statistics, a total of 767 million DOGE were transferred through four large-scale transactions in the past 24 hours. Among them, unknown addresses accumulated a large number of DOGE tokens, and Robinhood also received a huge dump of 400 million DOGE. These transactions became more sensitive after Robinhood received the Wells notice from the SEC, and the market speculated on the potential motives behind them.
Currently, the trading price of Dogecoin is $0.1554, down 5.27% from yesterday. However, market participants generally believe that Tesla's support and the upcoming BTC halving may become positive factors that drive DOGE prices further up.
However, data from the derivatives market revealed mixed sentiment in the market. Dogecoin's open interest fell by 7.69%, while derivatives trading volume surged by 30.14%. This suggests that DOGE prices may continue to fluctuate in the short term.
Overall, the Dogecoin market is in a turbulent moment. Musk and Tesla's support has brought it strong backing, but the volatility and uncertainty of the market still keep investors vigilant. In the future, whether Dogecoin can occupy a place in the cryptocurrency market remains to be seen.
