Billionaire Elon Musk announced the purchase of his favourite crypto Dogecoin for his son X AE A-12
DOGE price spike at the time of the announcement yet slipped close to initial levels within no time.
Musk Says ‘HODL’ Dogecoin!
Dogecoin price had a spectacular rally in the past week which entered the asset in the top 10 cryptocurrency ranking list. The interesting part was the spike was not influenced by interpreted CEO of Dogecoin and CEO of Tesla Motors, Elon Musk. However, after the massive surge, Musk marked the jump with a series of tweets.
The crypto masses were amazed when the balance sheet of Tesla owned by Elon Musk included more than a billion investment in bitcoin, as he was a dogecoin proponent. In a recent update, Elon Musk announced the purchase of DOGE for his little son X AE A-12.
Moreover, his tweet also had a hidden message for his 46.5 million followers to HODL dogecoin. Musk cleverly used the bitcoin slang ‘HODL’ in his tweet which encourages the crypto masses to wait patiently before selling-off their holding during a bearish divergence.
Therefore, it indicates that he believes that the DOGE price may regain bullish momentum and form a new ATH very soon.
Is DOGE Price Becoming headstrong?
So, finally, the richest person accumulated some of his favourite cryptocurrency but did his move really impact the dogecoin price?
DOGE price usually gets influenced by any mentions from the billionaire Elon Musk. It happened this time too, but it was very short-lived. The price rallied nearly 22.78%, jumping from $0.067 to $0.082, however, it dipped the very next hour and maintained a constant trend at the current levels around $0.072.
At the time of writing, the DOGE price is $0.07267 with a negligible drop of 0.17% in the last 24 hours. However, the dogecoin price rally is expected to gear up in the coming days as believed by the interpreted CEO Elon Musk. Therefore, the possibility of Dogecoin entering the top 10 cryptocurrencies cannot be ignored.