Elon Musk and an erotic starlet fuel Dogecoin rollercoaster ride
Dogecoin and Twitter go together like peas and carrots. In the new year, the short message platform continued to soar. But the downward spiral is already in the offing.
Dogecoin (DOGE) is living up to its reputation as a meme coin and is currently displaying a textbook pump-and-dump pattern. The fun token with the Shiba emblem has posted an impressive 97 per cent gain for the week, but at the time of going to press it had already rattled back below Crypto Bull the 1-cent mark, which it had only just conquered, with an equally impressive 24-hour drop of 32 per cent.
What usually sets alarm bells ringing among altcoin investors cannot upset the common dogecoin hodler. Pump-and-dump rollercoaster rides are part of the Dogecoin DNA, so to speak. Born as a fun token, the cryptocurrency responds to the Twitter buzz like few others. Tesla CEO Elon Musk has positioned himself as particularly influential on the price action, repeatedly flirting with a fictitious CEO post for the token project.
Elon Musk can’t let it go
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If Musk so much as drops the word „doge“, you can set your watch by the next price explosion. Meanwhile, Musk is already not even bothering with any context. As happened on 20 December, it is enough if he merely throws a bone to the waiting Dogecoin community.
One word: Doge
– Elon Musk (@elonmusk) December 20, 2020
And the rally took off. The Dogecoin price reacted as it always did after a Musk tweet, and unceremoniously rose by 40 percent in just three days.
On 27 December, the Youtuber KEEM followed suit and also beat the Doge advertising drum for his 2.8 million followers.
Next up! DOGE COIN pic.twitter.com/rcV2NxFYrn
– KEEM 🍿 (@KEEMSTAR) December 27, 2020
With a subsequent series of Dogecoin tweets, he may have been instrumental in the current price rise. But the final push may have come from erotic starlet Angela White, who outed herself as a long-time Doge hodler on 2 December. After all, the bosom wonder boasts a following of 1.3 million devoted followers who hang on her every word.
Been HODLing my $Doge since 2014. MUCH PATIENCE. TO THE MOON 🚀 #dogecoin pic.twitter.com/1jzK48D4sS
– ANGELA WHITE (@ANGELAWHITE) January 2, 2021
In fact, Dogecoin took off shortly after the tweet, rising back above the cent mark within a day after a two-year wait.
A fun token conquers the crypto market
The fact that the price development stands on rather shaky ground should be obvious in view of the „indicators“ mentioned. Well-founded trading strategies naturally come to nothing with Dogecoin. Anyone who is not just gambling for fun and seriously invests in the asset not only needs the right instinct, but should also always keep an eye on the local social media channels.
It was only in the summer that a Tik-Tok challenge caused a Dogecoin rally, which, however, fizzled out just as quickly. The time windows in which a Dogecoin investment is worthwhile are generally short, but all the more profitable for it.
After all, with a market capitalisation of 1.2 billion US dollars, the digital currency with the dog’s face is the 29th largest cryptocurrency. Musk and Co. are making sure it stays that way.