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Dogecoin Among Victims of the Elon Musk-led Bitcoin Crash

Dogecoin, Dogecoin Among Victims of the Elon Musk-led Bitcoin Crash
Image by Pete Linforth from Pixabay

Yerevan (CoinChapter.com) – Elon Musk’s effort to troll Bitcoin has backfired as the billionaire entrepreneur’s very own favorite crypto Dogecoin emerged as collateral damage.

The Tesla founder announced on May 13 that his electric vehicle manufacturing firm would no longer accept payments in Bitcoin, citing the cryptocurrency mining’s ecological repercussions. Then, during the weekend, he almost threatened to dump his entire $1.5bn Bitcoin holding, panicking markets into crashing the cryptocurrency to $45,003 on Monday, its lowest level since late February.

Read more: Should Elon Musk Start Accepting XRP For Environment’s Sake? This Analyst Thinks Yes

The bitcoin crash took its toll on smaller cryptocurrencies as well, including the billionaire’s pet crypto DOGE. Mira Christiano, a senior portfolio manager, and crypto analyst tweeted about her doubts on the Doge future.

In her view, the ‘Fear, Uncertainty and Doubt” around Bitcoin do not mean that Doge will come out on top, and become “the currency of Earth”, as Mr. Musk would want to believe. She offered her followers a poll to see who would accept “BTC Elon Vision” over Bitcoin. The results spoke for themselves.

Despite his positive tweets on Dogecoin, the ‘Dogefather’ himself couldn’t significantly raise the value of the token, as he used to in the past.

Read more: Bulls Pump Dogecoin Price After Elon Musk Announces Development Support

What’s next for Dogecoin?

Dogecoin traded at $0.48 in the European session Monday. It was still consolidating after the crash on May 8, when the Tesla CEO hosted Saturday Night Live.

Read more: Dogecoin Dives after Elon Musk Calls It A ‘Hustle’ on Saturday Night Live

Dogecoin at $0.47 in the early European session. Source: DOGEUSD on TradingView.com
Dogecoin at $0.47 in the early European session. Source: DOGEUSD on TradingView.com

The token was back above its 20-day Exponential Moving Average but not exhibiting a strong bullish bias. It is possible that despite the positive efforts in the Twitterverse, Doge is responding to the crypto-crash that its favorite proponent initiated.

Elon Musk got a lot of negative feedback on Twitter, but some analysts view the dip as an opportunity rather than a loss. Anthony Pompleano, an entrepreneur and a prominent crypto supporter, tweeted the following:

He believes that Bitcoin and the market, in general, will be just fine and he demonstrated that buy bull trading Bitcoin. He bought the dip, expecting greater rewards.

However, the future of Doge is not yet clear. As it was recently listed on Coinbase, many supporters have an optimistic outlook. The charts are not very promising as of the moment of writing. When it comes to Dogecoin, solid predictions are hard to make, and it is possible that Elon Musk’s favorite coin manages to recover from his recent crypto-decisions after all.

Read more: Dogecoin Bags a Spot on Nasdaq-Listed Crypto Exchange Coinbase

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Lilit Chichyan

Lilit is an enthusiastic writer, skilled in 3 languages, and interested in writing about the tech world, trading, art, and science. She also has a background in psychology and marketing, which helps deliver the right message to the target audience. Lilit is creative and fast and has the experience of writing for both big marketing companies and small websites and blogs.

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