Dogecoin Tanks After Gaining Momentum, Will It Mark New Gains?

The CEO of Tesla Inc., Elon Musk, is a strong proponent of Dogecoin, the leading meme coin. The influence of Musk has created a substantial impact on both DOGE and its community. In the crypto space, the majority of the trending and significant assets strive with the support of some strong proponents. If a proponent is highly reputable globally or a considerable influencer, he could trigger the trend of the asset. Related Reading: Brace For Impact: This Expert Trader Says Cardano (ADA) Will See A 50% Decline Many people follow Musk’s social media posts and rely on his judgment for several crypto assets. Hence, Musk has always moved the prices of DOGE over some period. The largest meme coin, Dogecoin, broke a surprising record in the market with its daily reclaims. DOGE exploded with over an 8% daily increase in value. The sudden move of the meme coin is linked to the latest development in the activities of its strongest vocal proponent. DOGE Surged With News Of Musk’s Acquisition Of Twitter In a recent report, Musk restated his decision the acquisition of Twitter. The billionaire plans to take over the social media platform for almost $44 billion. This news of Musk’s move has created a favorable ground for Dogecoin to rally since the billionaire is a strong vocal proponent. Following the statement, the price of DOGE increased by 8.2%. Musk has given his resources and time to improve the meme coin in the past....