Elon Musk’s impact and the stagnation of Dogecoin (DOGE) are probably related.
Those keeping an eye on the broader digital currency ecosystem may notice that Dogecoin (DOGE), the industry’s leading meme cryptocurrency, has been experiencing price growth stagnation in recent weeks. One important sign of this stalemate is that Elon Musk hasn’t been promoting the Shiba Inu-themed digital money.
Elon Musk is widely considered the most vocal supporter of the DOGE token on the X app, with posts fueling bouts and bouts of bullish rallies for the coin. With no mention of Dogecoin by Musk, the coin has lost as much as 17% in the last month and more than 2% in the previous seven days.
It’s possible that Musk hasn’t abandoned Dogecoin despite his silence. Rather, it may indicate that the veteran inventor is presently overseeing a variety of non-crypto-related projects.
As the chief executive officer of Tesla Inc, SpaceX, and Neuralink, as well as the chairman of the X app, his numerous responsibilities may have prevented him from thinking about Dogecoin for the time being. Furthermore, Musk may be wary of the crypto environment as a result of the Dogecoin litigation he was involved in a few months ago.
The fundamentals of Dogecoin boost Dogecoin is a lone digital currency with limited features. Another possibility is that Elon Musk is saving his Dogecoin comments for when the coin has a unique fundamental.
With a little increase of 0.53% over the last 24 hours, Dogecoin’s price is currently $0.06174 and it is being traded. Overall, there has been discussion regarding why Dogecoin is decreasing at present, and the digital currency keeps its status as one of the most volatile cryptos in the Web 3.0 world today.