Dogecoin Barks Higher Today on New Musk Post

Elon Musk’s standing because the self-proclaimed “Dogefather” is as soon as once more on full show in the present day along with his newest publish on X. The Tesla CEO’s newest publish has despatched Dogecoin (DOGE 4.85%) tokens up 5.8% as of 1 p.m. ET, as traders within the meme token graciously settle for his assist.

Musk’s newest publish on X spelled out the identify of what he apparently hopes will probably be his future authorities division (if Donald Trump wins the election) — the “Division of Authorities Effectivity.” Every phrase was written in descending strains, spelling out “DOGE” somewhat clearly for these studying his tweet.

Let’s dive into what to make of this publish, and the place Dogecoin might be headed from right here.

Dogecoin up once more on continued assist from Elon Musk

Loads of crypto projects are crossing the chasm between revolutionary new applied sciences and politics, with former President Donald Trump’s newest “World Liberty” undertaking set to launch early subsequent week.

Nevertheless, other than the political implications of Musk’s current tweet, Dogecoin traders are as soon as once more taking solace in the concept that the Tesla CEO hasn’t deserted the group altogether. The tempo of his crypto-related tweets has slowed. However occasionally, he’ll throw the group a bone.

Whether or not that is as a result of Musk owns a major quantity of Dogecoin or not is absolutely unknown. However in the present day’s transfer is notable, because it’s introduced the token again above the psychologically necessary $0.10 stage, which might be a key technical stage some traders focus on for buying and selling causes.

The place will Dogecoin go from right here?

I’ve to be sincere, Dogecoin is among the many meme tokens I proceed to have little or no confidence in in terms of the path of its worth motion over most time frames. This can be a token that’s most likely greatest considered as a buying and selling automobile and a sentiment gauge for the general sector. And whereas Dogecoin does are likely to pop on Elon Musk feedback, the frequency of his posts on the topic, and the voracity of the strikes, has assorted relying on quite a few exterior elements.

It is clear that traders are more and more on the lookout for causes so as to add threat on this present atmosphere, regardless of numerous macro headwinds which can be impacting sure pockets of the market. I am unsure as as to if this momentum will proceed over the medium time period, making Dogecoin among the many extra speculative bets on this market reserved for these with the very best of threat tolerances.