Elon Musk, tech billionaire and Twitter’s CEO, recently broke his silence on cryptocurrency. He posted an ambiguous tweet referencing Dogecoin, saying “Cry ‘Havoc!’ and let slip the Doges of war.”
While the context is unclear, Musk’s history of moving the crypto market, especially Dogecoin, is well-known. As usual, Musk’s highly-engaged tweet has sparked a flurry of speculation and optimism.
Amid hopes of a Dogecoin rally, some have suggested integrating Dogecoin into Twitter. Such integration would be transformative, as one user noted, alluding to a potential “Musk Counter-Revolution.”
Despite widespread excitement, Dogecoin bulls remain inactive. With major exchanges like Binance and oinbase">Coinbase facing SEC scrutiny, Dogecoin and other cryptos have declined. Dogecoin currently trades at $0.06072, but an overall market shift could change this.
Behind Cardano, Dogecoin’s spot is precarious after a 15% weekly drop. Similarly, Doge lost nearly 3% in the last day.
Dogecoin’s slower progress makes it vulnerable to being overtaken in market cap by Cardano. This threat is intensified by Dogecoin’s recent price movements, although bouncing back from the key $0.0722 support provides some hope.
The Doge community looks to break the 4-month resistance at $0.0822, which could enable further gains. A shift seems dependent on a growing cohort of traders holding Doge for less than a month. Their activity has surged 191% in concentration over the past month.
Amid speculation and anticipation, Dogecoin’s future trajectory largely hinges on these traders’ decisions. A collaborative effort to hold and invest could catalyze Dogecoin to reach greater heights.
