{"id":534793,"date":"2023-05-24T11:46:59","date_gmt":"2023-05-24T11:46:59","guid":{"rendered":"https:\/\/wncen.com\/?p=534793"},"modified":"2023-05-24T13:22:49","modified_gmt":"2023-05-24T13:22:49","slug":"elon-musk-reveals-reason-behind-dogecoin-investment-but-why-is-doge-down","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/dogecoin\/elon-musk-reveals-reason-behind-dogecoin-investment-but-why-is-doge-down\/","title":{"rendered":"Elon Musk Reveals Reason Behind Dogecoin Investment, But Why Is DOGE Down?"},"content":{"rendered":"

Billionaire Elon Musk has been a long-time supporter of Dogecoin and he has not been shy when it comes to talking about his love for the meme coin. Usually, when Musk talks about DOGE, the price tends to go up as investors rush to capitalize on the publicity. However, it is not the case this time around because despite Musk mentioning the meme coin, its price has gone in the opposite direction.<\/p>\n

Elon Musk Says Don\u2019t Bet On Crypto Or Dogecoin<\/h2>\n

Tesla CEO Elon Musk spoke<\/a> at the Wall Street Journal\u2019s CEO Council Summit held in London and among other topics, he touched on the crypto industry and Dogecoin in particular. Musk once again professed his support for Dogecoin, saying he likes the meme coin because of its humor and the fact that it incorporated dogs.<\/p>\n

Related Reading: Data Suggests Small Holders Will Drive Next Cardano (ADA) Rally<\/a><\/div>\n

However, he further went on to state that he would not advise anyone to bet their life savings on either crypto or Dogecoin. \u201cI\u2019m not advising anyone to buy crypto or bet the farm on, you know, Dogecoin or anything like that,\u201d the billionaire said when asked if he was still a fan of crypto.<\/p>\n

Musk has a long history of supporting the meme coin and it was this support that sent the cryptocurrency rallying to new all-time highs back in 2021. At different points since then, Musk\u2019s posts have also moved the price positively. But his stance this time around has deviated from what is normally expected and the price of DOGE has suffered for it.<\/p>\n

DOGE Price Retraces Despite Musk Mention<\/h2>\n

In one of the rare cases, the price of Dogecoin has actually retraced after Musk mentioned the meme coin during his interview. The price is down over 3% in the last 24 hours alone and is now trading dangerously close to the $0.07 support level.<\/p>\n

\"Dogecoin<\/p>\n

DOGE falls to $0.071 | Source: DOGEUSD on TradingView.com<\/a><\/pre>\n
As a result of this, DOGE has fallen below its 200-day moving average, a move that puts it on a bearish path over the short to mid-term. Also, with Bitcoin seeing losses, it has taken the market down with it, so there is not much room for recovery for DOGE at this time.<\/p>\n
Related Reading: Meme Coin Season May Be Over As PEPE, SHIB, DOGE, Continue Decline<\/a><\/div>\n
However, many in the community continue to hold out hope that Elon Musk will eventually announce a DOGE integration on Twitter as a payment method. Such a move would no doubt lead to an at least 50% upside for the meme coin, and it could be a catalyst for its next rally.<\/p>\n
At the time of writing, DOGE is changing hands at a price of $0.07113.<\/p>\n
Follow Best Owie on Twitter<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Billionaire Elon Musk has been a long-time supporter of Dogecoin and he has not been shy when it comes to talking about his love for the meme coin. Usually, when Musk talks about DOGE, the price tends to go up as investors rush to capitalize on the publicity. However, it is not the case this time around because despite Musk mentioning the meme coin, its price has gone in the opposite direction. Elon Musk Says Don\u2019t Bet On Crypto Or Dogecoin Tesla CEO Elon Musk spoke at the Wall Street Journal\u2019s CEO Council Summit held in London and among other topics, he touched on the crypto industry and Dogecoin in particular. Musk once again professed his support for Dogecoin, saying he likes the meme coin because of its humor and the fact that it incorporated dogs. Related Reading: Data Suggests Small Holders Will Drive Next Cardano (ADA) Rally However, he further went on to state that he would not advise anyone to bet their life savings on either crypto or Dogecoin. \u201cI\u2019m not advising anyone to buy crypto or bet the farm on, you know, Dogecoin or anything like that,\u201d the billionaire said when asked if he was still a fan of crypto. Musk has a long history of supporting the meme coin and it was this support that sent the cryptocurrency rallying to new all-time highs back in 2021. At different points since then, Musk\u2019s posts have also moved the price positively. But his stance this time around has deviated from what is normally expected and the price of DOGE has suffered for it. DOGE Price Retraces Despite Musk Mention In one of the rare cases, the price of Dogecoin has actually retraced after Musk mentioned the meme coin during his interview. The price is down over 3% in the last 24 hours alone and is now trading dangerously close to the $0.07 support level. DOGE falls to $0.071 | Source: DOGEUSD on TradingView.com As a result of this, DOGE has fallen below its 200-day moving average, a move that puts it on a bearish path over the short to mid-term. Also, with Bitcoin seeing losses, it has taken the market down with it, so there is not much room for recovery for DOGE at this time. Related Reading: Meme Coin Season May Be Over As PEPE, SHIB, DOGE, Continue Decline However, many in the community continue to hold out hope that Elon Musk will eventually announce a DOGE integration on Twitter as a payment method. Such a move would no doubt lead to an at least 50% upside for the meme coin, and it could be a catalyst for its next rally. At the time of writing, DOGE is changing hands at a price of $0.07113. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026 Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":534797,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83685],"tags":[],"class_list":["post-534793","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dogecoin"],"acf":[],"yoast_head":"\nElon Musk Reveals Reason Behind Dogecoin Investment, But Why Is DOGE Down?<\/title>\n<meta name=\"description\" content=\"Billionaire Elon Musk has been a long-time supporter of Dogecoin and he has not been shy when it comes to talking about his love for the meme coin.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Elon Musk Reveals Reason Behind Dogecoin Investment, But Why Is DOGE Down?","url":"http:\/\/wncen.com\/news\/dogecoin\/elon-musk-reveals-reason-behind-dogecoin-investment-but-why-is-doge-down\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/dogecoin\/elon-musk-reveals-reason-behind-dogecoin-investment-but-why-is-doge-down\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/iStock-1351825546-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/iStock-1351825546-1.jpg?fit=2121%2C1414"},"articleSection":"Dogecoin","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":[],"dateCreated":"2023-05-24T11:46:59Z","datePublished":"2023-05-24T11:46:59Z","dateModified":"2023-05-24T13:22:49Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Elon Musk Reveals Reason Behind Dogecoin Investment, But Why Is DOGE Down?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/dogecoin\\\/elon-musk-reveals-reason-behind-dogecoin-investment-but-why-is-doge-down\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/dogecoin\\\/elon-musk-reveals-reason-behind-dogecoin-investment-but-why-is-doge-down\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/iStock-1351825546-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/iStock-1351825546-1.jpg?fit=2121%2C1414\"},\"articleSection\":\"Dogecoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[],\"dateCreated\":\"2023-05-24T11:46:59Z\",\"datePublished\":\"2023-05-24T11:46:59Z\",\"dateModified\":\"2023-05-24T13:22:49Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/iStock-1351825546-1.jpg?fit=2121%2C1414","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/534793","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=534793"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/534793\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/534797"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=534793"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=534793"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=534793"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}