After the influence of Elon Musk and Twitter subsided, Dog Coin (DOGE) fell by more than 8%. On the contrary, the digital asset experienced an intraday loss, but failed to offset the gains brought by Musk's influence
After the influence of Elon Musk and Twitter subsided, Dog Coin (DOGE) fell by more than 8%. On the contrary, the digital asset experienced an intraday loss, but failed to offset the gains brought by Musk's influence.
Earlier this week, Twitter replaced the iconic Blue Bird logo with the same iconic DOE meme. Subsequently, the digital asset soared due to the Musk effect and rose for 7 consecutive days. However, the recent decline has caused many people to worry about the price adjustment of meme coins.
DOE believes that the ElonMusk effect is fading
People who call themselves Dogefather, ElonMusk, and Dogecoin are often associated. Specifically, the billionaire bluntly expressed his admiration for memes and their implementation. Subsequently, the billionaire sparked a surge in investment in the asset through his social media platform Twitter.
However, under the influence of Elon Musk and Twitter, Dog Coin (DOGE) has fallen by more than 8% in a continuous decline. On the contrary, the development of the situation cannot erase the positive benefits brought by the appearance of DOE memes on social media platforms.
According to Decrypt, after a highly publicized logo change, DOGE surged by 20% in less than an hour on Monday. In addition, CoinGecko pointed out that although the intraday chart fell, these returns remained intact. In addition, the asset still rose by over 19% this week.
Dog coins are known for their "Elon Musk effect", and their prices quickly rise and then fall with his participation. Previously, in May 2021, DOGE reached a historic high of $0.73, after Musk used meme coins in his appearance on Saturday night.
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