Billionaire Elon Muskย (Teslaย &ย SpaceX CEO) has been a long-time supporter of Dogecoinย (DOGE) and he has not been shy inย theย caseย of talking about his love for the memeย cryptocurrency. Usually, when Musk talks about DOGE, the price tends to goย up as investors rush to capitalize on the publicity. Nonetheless, it is not the case this time around because regardlessย of Musk mentioning the Memeย Coin coin, itsย value has gone in the opposite direction.
Elon Muskย (Teslaย &ย SpaceX CEO) Reveals Doย not Bet On Cryptocurrency Or Dogecoin
Tesla,ย Inc. CEO Elon Muskย (Teslaย &ย SpaceX CEO) spoke at the Wall Street Journalโs CEO Council Summit held in London and between other topics, he touched on the cryptocurrency industry and Dogecoinย (DOGE) inย particular. Musk onceย more professed his support for Dogecoinย (DOGE), saying he likes the memeย cryptocurrency asย aย resultย of its humor and the fact that it incorporated dogs.
Nonetheless, he further went on to state that he would not advise anyone to bet their life savings on either cryptocurrency or Dogecoinย (DOGE). โIโm not advising anyone to buy cryptocurrency or bet the farm on, you know, Dogecoinย (DOGE) or anything like that,โ the billionaire stated when requested if he was still a fan of crypto.
Musk has a long history of supporting the memeย cryptocurrency and it was this support that sent the digitalย currency rallying to new all-time highs back in 2021. At different points everย since, Muskโs posts have likewise moved the price positively. Onย theย otherย hand, his stance this time around has deviated from what is normally expected and the price of Dogecoinย (DOGE) has suffered for it.
Dogecoinย (DOGE) Price Retraces Regardlessย of Musk Mention
In one of the rare cases, the price of Dogecoinย (DOGE) has essentially retraced after Musk mentioned the memeย cryptocurrency during his interview. The price is down over 3 percent in theย previousย day alone and is now trading dangerously nextย to the $0.07 support level.
Followingย this, Dogecoinย (DOGE) hasย dropped below its 200-day moving average, a move that puts it on a bearish path over the short to mid-term. Similarly, with Bitcoinย (BTC) seeing losses, it has taken the market down with it, so thereย is not much room for recovery for Dogecoinย (DOGE) at this time.
Nonetheless, numerous in the community continue to hold out hope that Elon Muskย (Teslaย &ย SpaceX CEO) will soonerย orย thereafter reveal a Dogecoinย (DOGE) integration onย Twitterย platform as a payment method. Such a move would no doubt lead to an at least 50 percent upside for the Memeย Coin coin, and itย canย potentially be a catalyst for its next rally.
Atย theย timeย ofย publication, Dogecoinย (DOGE) is changing hands at a price of $0.07113.
