Dogecoin (DOGE) Shows Gains Amidst Musk’s Potential Financial Support
You may have noticed that Dogecoin (DOGE) has been one of the few cryptocurrencies in the top 10 to show gains this week. Interestingly, there are reports suggesting that Elon Musk, the world’s wealthiest individual, may be secretly supporting the development of Dogecoin.
According to The Wall Street Journal, Musk has been involved in funding Dogecoin’s development. This comes at a time of increased volatility in the cryptocurrency market, with Bitcoin’s price surge slowing down and impacting other cryptocurrencies like Dogecoin. In fact, Dogecoin is currently trading at about 90% below its all-time high in May 2021.
As we enter September, the cryptocurrency community is preparing for potential turbulence, questioning the impact of Musk’s financial support on the overall cryptocurrency landscape. PricePredictions, a crypto tracking platform, has set the price of Dogecoin at $0.063529 for September 30, 2023.
Musk’s Connection with DOGE
Musk’s involvement with Dogecoin is no secret. He even acquired Twitter in April 2023 and replaced the logo with a Shiba Inu, the symbol of Dogecoin, hinting at his intention to integrate DOGE into his Twitter initiatives.
DOGE Chart Analysis
Currently, DOGE is trading at $0.06389, showing a 0.77% increase for the day and a 1.44% gain over the past week. It has a support level of $0.06008 and a resistance level of $0.06656.
With a market cap of $9 billion, Dogecoin has risen to the seventh position among the largest cryptocurrencies by market value.
Hot Take: Keep an eye on Dogecoin as it continues to make headlines, especially with the potential backing from Elon Musk. The future of DOGE remains uncertain, but it’s definitely a coin to watch in the coming months.
By
By
By
