- Elon Musk has pumped the price of Dogecoin.
- DOGE price surged over 10% in a day after Musk’s tweet.
Elon Musk has pumped the price of the meme-based digital currency Dogecoin, tweeting that his son is “holding his doge like a champ”.
Elon can you confirm? 🤣🤣 pic.twitter.com/NgQjTOvN0d
— Uncle Doge ❤️ (@AshleyIllusion1) July 17, 2021
Meanwhile, this tweet is the latest post made by Musk in 2021. However, the Dogecoin price dropped around 75% from its April peak. Notably, the DOGE price surged over 20% in a day after Musk’s tweet. According to CoinMarketCap, the DOGE price is at $0.189 with a 24-hour trading volume of $2,611,216,868, at the time of writing.
The above chart shows the falling wedge pattern of DOGE. More so, the falling wedge is a reversal pattern that appears during a downtrend. However, it happens when the price makes lower highs and lower lows, forming two contracting lines. Even more, the falling wedge usually precedes an upward reversal, which means users can look for potential buying opportunities.
Over recent months, the price of the Bitcoin and crypto market has dropped sharply. In addition, there has been over $300 billion lost in the overall crypto market since mid-June. Furthermore, the DOGE price is up nearly 6,000% on this time last year amid a broader crypto rally that has seen. Notably, earlier this year, Tesla announced that it has purchased $1.5 billion of Bitcoin while Musk mentioned his rocket firm SpaceX will put a literal Dogecoin on the literal moon.
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