Did Elon Musk Back Dogecoin Price Manipulation?


    The Dogecoin price witnessed one of the steepest drops ever since it began with the bull run

    Many anticipated the DOGE price will hit $1, if Elon Musk gives the asset a mention in his SNL event

Was DOGE Price Pump and Dump Fixed?

The dogecoin price raised many eyebrows in recent times as it jumped like a monster bashing the upper barriers smoothly. The DOGE price which was not even $0.1 a month ago, rose close to $1, yet failed to surpass.

Tesla CEO, Elon Musk often keeps mentioning DOGE that rallies the price to some extent. The price had already rallied more than 1000% when Mr Musk put out a tweet regarding the SNL event. Till then the DOGE price had risen from rags and smashed above $0.4 levels and was trending sideways around $0.2 levels. 

The tweet from Mr Musk led the whole crypto space on fire and the rounds of the CEO giving a mention to DOGE outspread the market. Therefore the price initiated its rally and surged magnificently to hit the top most level around $0.741. 

The event was approaching and the price slipped a little yet traded above $0.66. Mr Musk did mention DOGE during the show, yet by terming it as ‘Hustle ‘.The price crashed within no time from $0.748 levels, straight to $0.42. 

Interestingly, just a couple of days before the event, Mr. Musk cautioned his supporters to think before investing in cryptocurrencies. Was it because he knew the DOGE price would undergo a free-fall instead of flying high?

Also Read: Dogecoin Booster Elon Musk Warns DOGE Supporters to Invest With Caution!

Why Does the Price Appear to Have Been Manipulated?

The price crashed nearly 30% in just a few minutes amid the mention from Elon Musk. However, it recovered a little and sustained above $0.5 levels at the press time. In a recent update, Musk came out with another announcement and again on ‘DOGE’.

Tesla CEO, if had announced it earlier, the price dump would not have fueled. However, the price was slashed down heavily to aid more accumulation. Later yet another announcement is brought up to uplift the price. As of now, the price does not appear to have impacted with the update to a larger extent.

Yet the question still remains, whether Elon Musk can still shill and drain the DOGE price?

Interesting Read: Will Elon Musk Shill Dogecoin Price With His SNL Event?

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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