According to CoinMarketCap data, Dogecoin (DOGE), known for its quirky origins, saw its price drop by approximately 15.5% in a single day on Friday, July 5th.
CoinMarketCap data highlights the inherent volatility in the cryptocurrency market.
The current RSI (Relative Strength Index) level indicates an oversold condition, historically a precursor to a reversal or rebound.
Sumit Kapoor, the founder of WiseAdviceSumit, commented on the situation, predicting an imminent bullish recovery.
Until July 3rd, the Moving Average Convergence Divergence (MACD) indicator showed bullish signs, though it turned bearish on July 4th, reflecting the market's turbulence for DOGE.
Despite the significant price drop, Elon Musk remains optimistic about Dogecoin. In a recent interview, he stated, "I intend to personally support Dogecoin," offering a glimmer of hope for investors.
He compared Dogecoin to Bitcoin, suggesting that Dogecoin is "better suited for transactions" than Bitcoin, highlighting its potential utility in real-world applications.
Elon Musk has been a staunch supporter of DOGE for years, dating back to his first tweet about the token in 2019. Since then, Musk has taken various steps to incorporate DOGE into his business ventures.
Dogecoin Payments for Tesla Merchandise
In May this year, Musk enabled DOGE as a payment method for Tesla merchandise and is working towards obtaining payment licenses for his social media platform, X.
This new feature was introduced after Musk visited the Berlin Gigafactory, where he was asked about enabling DOGE payments. "We should enable it," Musk responded.
Tesla customers can now send DOGE to Tesla's wallet in exchange for merchandise.
Although Tesla has not officially announced this change, DOGE enthusiasts quickly noticed, leading to a price increase of over 20% in the following days.
Even before acquiring X, Musk envisioned offering DOGE as a payment method on the social media platform. Thus, obtaining remittance licenses could indicate that the X team is moving towards integrating DOGE payments on the platform.
In June 2022, investor Keith Johnson filed a massive $258 billion lawsuit against Musk, accusing him of participating in a pyramid scheme to manipulate DOGE prices.
In a late-night filing in Manhattan federal court, Musk and his electric car company Tesla Inc. (TSLA.O) called the Dogecoin investors' lawsuit a "fanciful work of fiction," attributing it to Musk's "innocuous and often silly tweets" about Dogecoin.
Musk's lawyers argued that "tweeting words of support or funny pictures about a legitimate cryptocurrency, which continues to hold a market cap of nearly $10 billion, is not illegal."
The lawyers stated that investors never explained how Musk intended to defraud anyone or what risks he concealed, and his statements like "Dogecoin Rulz" and "No highs, no lows, only Doge" were too vague to support fraud claims.
A man from China, Jiangsu, accumulated significant debt after losing money in cryptocurrency and gambling. To cover his losses, he committed fraud by borrowing against luxury cars he didn't own, which led to his arrest and a three-year prison sentence for contract fraud.
WeatherlyAt Trump’s Pennsylvania campaign, Elon Musk was asked if he'd lead a “Department of Government Efficiency.” He replied, “Yeah, Doge,” causing Dogecoin to surge over 10% to $0.1344, sparking speculation about whether it was coincidence or a strategic move.
KikyoElon Musk backs Donald Trump for the 2024 US presidential election, promoting both Trump and Dogecoin in a recent post. As political and financial worlds collide, Musk’s push for DOGE could spark a renewed rally for the meme coin.
SanyaFormer President Trump announced that he would be invited Elon Musk to head the Government of efficiency commission
XingChiElon Musk’s appointment of the Shiba Inu dog as a mascot for the Department of Government Efficiency and his ongoing support for Dogecoin have influenced both the cryptocurrency’s market activity and legal scrutiny of his promotional activities.
Xu LinElon Musk and Tesla were cleared of allegations that they manipulated the Dogecoin market, with the lawsuit dismissed due to lack of evidence.
Huang BoUS District Judge Alvin Hellerstein said Musk’s tweets about Dogecoin were "aspirational and puffery, not factual and susceptible to being falsified."
DanteElon Musk and Tesla won a $258 billion lawsuit claiming Musk manipulated Dogecoin's price through tweets. The judge dismissed the case, ruling that Musk's statements were just "aspirational puffery" and not reliable financial advice.
JoyElon Musk’s reaction to a potential cabinet role offered by Donald Trump has led to a notable 6% rise in Dogecoin’s price. The excitement reflects broader market trends and heightened attention in the context of the upcoming U.S. elections.
EdmundX's new payment feature development raises speculation about Dogecoin integration, especially given Elon Musk's support for the meme coin.
EdmundDOGE whales' increased activity may boost its market. Currently at $0.1492, DOGE shows stability. Key moving averages: 50-day EMA resistance at $0.1652, 100-day EMA support at $0.1434, and 200-day EMA at $0.1237. RSI at 46 indicates neutral sentiment. Surge in large transactions suggests strategic moves by whales. Bullish scenario: Whale activity may push DOGE above $0.1652, targeting $0.18 and $0.20. Bearish scenario: Selling pressure may test supports at $0.1434 and $0.1237.
EdmundDespite market pullback, Dogecoin (DOGE) aims for $1 milestone. AI forecasts caution, expecting $0.161 by April end, a -16.15% decline. Dogecoin struggles to maintain upward momentum amid support level dip. Co-founder Billy Markus emphasizes market volatility, urging cautious optimism.
Huang BoMeme coins Dogecoin (DOGE) and Shiba Inu (SHIB) face declines amidst market corrections. DOGE drops 8%, while SHIB slides 9.6%, reflecting broader challenges. Altcoins like Polkadot and Chainlink also see price adjustments.
Xu LinMusk's endorsement sends Dogecoin soaring, embracing it as 'the people's cryptocurrency.' Tesla's potential adoption marks a significant surge in Dogecoin's value.
Huang BoDogecoin (DOGE) consolidates near $0.175, with $0.20 target amid rising trading volumes, boosted by Bitcoin's surge. Bullish outlook as South Korean volumes surpass stock market. Scotty (SCOTTY) emerges as DOGE alternative with utility features and ICO underway.
Huang BoRipple CEO Brad Garlinghouse's criticism of Dogecoin has sparked a response from DOGE co-founder Billy Markus, who argues that Dogecoin shares fundamental similarities with Bitcoin. The debate highlights differing perspectives on the utility of meme tokens in the cryptocurrency market.
BerniceX's CTO confirms plans to introduce Dogecoin payments, aligning with Musk's broader vision.
AlexHow do you improve on something that most people think is already perfect? DogeLayer's co-founder, Wind, says he has the answer.
Hui XinShibes of the world unite! You have nothing to lose on-chain! Making Dogecoin a True People's Currency! DogeLayer is a Seeder, an Accelerator, a Money Printer, It provides new possibilities for achieving personal freedom.
CaptainXAfter being named TIME's 2021 Person of the Year, Elon Musk continued to promote DOGE in an interview with TIME.
Cointelegraph