🎉 Musk started to talk about "Dogecoin" again, and the price rose by more than 6%!
On Saturday, Musk posted a mysterious "DOGE" post on social media, which made the price of Dogecoin jump a little. The big boss of Tesla has done similar things before. Every time he mentioned Dogecoin, the price of the coin rose like chicken blood.
But the problem is that this kind of rise usually doesn't last long. Let's see now if it will be different this time.
First of all, the picture that Musk posted on social media, with him and the words "DOGE" on it, made Dogecoin fans excited. Moreover, this is not the first time he has done this. Just last month, he posted a similar post, which also caused the price of Dogecoin to rise by 6%.
From the perspective of the market, Musk's actions have caused the discussion of Dogecoin to soar, which means that people are interested in it again. This interest has been converted into purchasing power, and the price of Dogecoin has risen from the 4-hour line to above $0.095.
However, we also have to look at the buying and selling situation in the market. According to some data, there are more people who want to buy Dogecoin in the market now than those who want to sell, which may help the price rise. If the buyer continues to be strong, the price of Dogecoin may continue to climb.
However, we also have to note that the price of Dogecoin may fall due to the pressure of sellers. If everyone is in a hurry to cash out, the price may fall to $0.094 or even lower.
🤔 Conclusion:
At the same time, in a class action lawsuit a few days ago, he won the lawsuit against him for manipulating the price of Dogecoin, which is undoubtedly a big benefit for community members.
However, it also reminds investors that although the celebrity effect can quickly increase the popularity of a cryptocurrency and quickly affect the price of tokens in a short period of time, over-reliance on celebrity endorsements may lead to market volatility and investment risks.
💬 How do you interpret the current market sentiment towards Dogecoin? How much impact do you think changes in the regulatory environment will have on Dogecoin and other cryptocurrencies? Is stricter regulation a good thing or a bad thing? See you in the comments!
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