- Elon Musk’s recent tweet influenced Dogecoin’s price volatility.
- The Memecoin market undergoes a bearish season with sluggish price movements.
Elon Musk, the CEO of Tesla and owner of Twitter, has a playful habit of occasionally expressing his fondness for memecoins. On a recent Wednesday, he continued this trend by tweeting about the popular dog-themed cryptocurrency, Dogecoin (DOGE), which resulted in a sudden 4% price jump within just a few minutes.
Doges ftw pic.twitter.com/bl0trQ7BdU
— Elon Musk (@elonmusk) July 19, 2023
However, the effect seemed short-lived, as the price ($0.072) quickly went back down to its previous level ($0.0697). This led some to wonder if the “Elon Effect” was weakening, especially compared to a previous incident in Q2 of 2023. It is when Elon musk DOGE tweet accepted it as payment and the conversion of the Twitter logo to the Dogecoin logo caused it to surge significantly.
Elon Musk DOGE tweet provided some relief from a bearish trend, but the DOGE price remains distant from the all-time high of the month. Whereas the trading volume of it stands at $420,620,838, representing a 43.78% increase.
Is it a Memecoin “Bearish” Season ?
Currently, the memecoin market appears to be experiencing a bearish season. At the start of 2023, they were on a green zone trend. Moving forward, today, alongside the DogeCoin, its siblings like Pepe, Shiba Inu, and Floki struggled to initiate a bullish rally and break free from the bearish zone or flat price movement.
For instance, PEPE‘s value surged only by 4.73% in the past seven days, with the current price standing at $0.0000015 after a 1.17% decline today. Similarly, SHIB is priced at $0.000008, witnessing a substantial 92% decrease from its all-time high, with a 2.61% drop in trading volume. Meanwhile, FLOKI experienced a 2% decline over the week, with the current price at $0.000024, representing a 1.78% decrease in the past 24 hours and a trading volume decline of 11.81%.
Analyzing the factors behind the memecoin red forest, sources reveal that as the memecoin is crowding up with the entry of new coins and its copycat version pulls them out of the green zone.
Summing up , the recent movements in the memecoin market suggest a bearish trend. However, the market remains unpredictable, and the influence of figures like Elon Musk on cryptocurrency prices continues to be a subject of debate among investors and enthusiasts alike.
