Over the weekend, many people observed that Elon Musk had changed his Twitter profile picture to one of him wearing sunglasses with a Shiba Inu dog in the mirror, indicating that the Doge community was once again supported by the self-proclaimed Dogefather.
The price of dogecoin increased by roughly 10% after he changed his profile image, but it has subsequently dropped, losing all of its weekend gains. Based on data, the DOGE price at the time of writing is $0.174.
Musk had tweeted about his son’s DOGE investment, stating that he was holding the coin rather than selling it. Musk claims that his son has faith in the DOGE community and that his actions are enough to demonstrate support.
AXE is releasing a Doge-themed product on July 20th.
Make a note of the following dates. Axe will start giving free Axe Dogecan cans on Tuesday described as a “48-hour crypto scent with a dank musk.”
Elon Musk and Jack Dorsey of Twitter will meet on July 21st to discuss cryptocurrency. Any gestures or remarks directed at Dogecoin will have a direct impact on the price. Only time will tell whether the debate has a favourable or negative impact on Doge. JRossNicoll, a Dogecoin developer, will Livestream with Vitalik Buterin, the lead Ethereum developer, on July 28th to discuss Dogecoin, Ethereum and other topics. This could potentially be a significant driver for Dogecoin.
Although Dogecoin had a bearish start to the day, it began at $0.17 and is currently trading at $0.16. In the previous 24 hours, it has dropped 6%. $0.19 is the first major resistance level, followed by $0.21 and $0.23. Support levels on the downside are $0.14 and $0.12. With so many events coming up in the following days, it will be interesting to see where the price of Dogecoin goes. Doge to the Moon and Doge to $1 are anyhow still far from sight.