Elon Musk tweets ‘Release the DOGE’ but will Dogecoin’s dry spell end?

Elon Musk tweets 'Release the DOGE' but will Dogecoin's dry spell end?
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DOGE’s are back at it again. But the struggle continues as Dogecoin’s recent slump proved to be quite damaging. Will the self-proclaimed ‘Dogefather’ and Tesla’s ‘Technoking’ Elon Musk be able to save the day?

The market saw a renewed momentum in the last week of June as the global crypto market cap surged all the way above $1.45 trillion after a long time. Bitcoin’s rise above the $36K paved the way for the altcoin market to appreciate as well. However, this trend was rather short-lived as sellers jumped in at key overhead resistance levels to scoop in gains.

In short, traders believe that a top has formed and prices are unlikely to go beyond the respective levels. Things have been looking bleak for the popular digital asset, Dogecoin [DOGE] as well.

DOGE’s price movements

Elon Musk tweets 'Release the DOGE' tweet but will Dogecoin's dry spell end?

At $0.248, the price of the digital asset was trading horizontally and no rangebound action was observed similar to the movement of its peers. DOGE saw a slight buying demand as depicted by the MACD, which coincided with its mild recovery last week.

However, due to the dull price action that followed the RSI was turned down below the 50-median line.  Despite lingering near the oversold conditions, the RSI exhibited a bullish divergence with respect to the price action, which could pull the token in its favor.

Additionally, the volume also noted an uptick which could be a positive sign.

The latest price action however accompanied Musk’s post on Twitter which read something like this:

This is what Musk posted right after the above tweet,

“Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge.”

While this is all it took for Doge-memes to hit the social media discourse, but it didn’t really have much effect on the meme coin’s price action. It’s no secret that the eccentric billionaire had previously used his brand power, and boosted the value of Dogecoin as well as its rip-off Shiba Inu token.

While the rise to prominence of both the joke coins into the top leaderboard is a testament to the contagious nature of investor groupthink and the cuteness of fluffy dogs, but the impact of the tweets today has lost relevance. And that is what matters. Having said that, he continues to influence a large part of social discourse even if not price [yet]. One such example of the same is the curious case of DOGE going to space. Here’s what that means:

Dogecoin Goes To Space

Besides, in the event of Musk’s birthday on the 30th of June, a US-based YouTuber, Reid Williamson, sent a physical replica of the Dogecoin cryptocurrency with a weather balloon to space or at least till the stratosphere.

The whole equipment consisted of the balloon, the payload, and the parachute. In a bid to lift the payload to space, the 23-year old used a helium balloon. In addition, the payload had a  GoPro camera, a GPS, and the Dogecoin replica stuck to a platform. After a successful launch, the Youtuber and his team managed to push the balloon enough where the curvature of the Earth was visible. A parachute was then used to bring back the payload.

If you found this article interesting, here you can find more Blockchain and cryptocurrency news


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