Musk's Dogecoin, where is the peak? How much room for growth is left?

In the realm of cryptocurrency, Dogecoin has carved out a niche for itself with its unique charm. The influence of tech giant and social media personality Elon Musk on Dogecoin is particularly significant. Recently, Musk announced the closure of Dogecoin operations, causing a sharp market fluctuation. Surprisingly, however, the price of Dogecoin rose against the trend. What logic lies behind this?

Musk's Influence

Musk has a close relationship with Dogecoin. His statements on social media always trigger drastic fluctuations in Dogecoin's price. For example, in 2021, when Musk mentioned Dogecoin on 'Saturday Night Live,' its price soared over 30% in an instant. This influence is not only reflected in short-term price volatility but also in his guidance of market sentiment.

Market Reaction to the Closure Announcement

When Musk announced the closure of Dogecoin operations, many investors felt panic, believing that Dogecoin was heading towards its end. However, the market is always full of uncertainties. Some experienced investors believe that this might be Musk's strategic probe or a misinterpretation caused by excessive market panic. Therefore, they chose to take a contrarian approach, buying large amounts of Dogecoin to drive the price back up.

The Musk-themed puppy ρꪊρρⅈꫀડ, as a popular concept on the Ethereum chain, is beginning to emerge. Its future development potential is immense, and it is expected to become the next phenomenon in cryptocurrency assets like Shiba Inu. Investors should closely monitor and conduct in-depth research.