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Elon Musk’s Favorite Dogecoin Among the Biggest Victims of His Manipulative Tweets

Dogecoin, doge, bitcoin
Image by Kenji Ogusu from Pixabay

Yerevan (CoinChapter.com) – Dogecoin fell after Elon Musk made headlines again, as his controversial tweeting habits tanked Bitcoin’s (BTC) attempts to recover wholly from its May 19 crash — another major downside caused by Musk’s relentless anti-crypto tweets.

Dogecoin went down with the the rest of of the top crypto brass, logging a 13.3 percent decline in the last 24 hours.

The DOGE/USD exchange rate was $0.36 around the London noon session following a 9 percent intraday decline. The pair’s downside move also pushed its bids below its 20-day exponential moving average(20-day EMA; blue wave), a level that offered support to Dogecoin’s supersonic price rally

Doge traded at $0.36, after a Elon Musk's tweet on Bitcoin. Source: DOGEUSD on Tradingview.com
Doge traded at $0.36, after a Elon Musk’s tweet on Bitcoin. Source: DOGEUSD on Tradingview.com

What Dogged The Meme-Coin?

Doge lost its recovery momentum after the ‘Dogefather’ ambiguously tweeted on Bitcoin. Mr. Musk used nothing but a Linkin Park song reference, a Bitcoin hashtag, and a broken heart emoji. The traders apparently took it as a bad sign of a looming “breakup” and panic-sold the top token, also reversing its recent recovery trend.

In hindsight, the Tesla CEO obviously had lots on his mind, considering the company’s shares fell by more than 5 percent. Moreover, China’s Tesla vehicle orders halved last month, going from 18,000 in April to 9,800 in May. A massive recall of the electric car mogul had to issue on the Chinese and US markets, mainly due to seatbelt and tire-related problems.

As the alpha coin dived, it dragged smaller coins down in a funnel. Doge complied and lost the strong bullish momentum fueled by the news of a new listing.

Doge Before The Infamous Tweet

Dogecoin was on a roll before the tweet came out of nowhere.

The meme-coin had a spectacular week, especially as Coinbase Pro announced that it would list its pair on its professional traders-oriented trading platform. So naturally, the news pumped bids for DOGE/USD.

Read more: Dogecoin continues to rocket in the aftermath of Coinbase Pro listing

Moreover, the exchange platform initiated a $1.2 million giveaway promotion to boost traders’ interest and celebrate the listing launch. The company specified that the participants must trade $100 in Doge if they want to participate in the giveaway. The prizes will consist of a $300,000 award, 10 additional smaller awards of $30,000, and 6000 prizes, each worth $100.

Read more: Coinbase Pro Announces Dogecoin Support — DOGE Jumps in Response

However, Dogecoin’s favorite proponent, Musk, managed to tank the token. The tweet caused it to lose over 9 percent of its intraday Thursday value. Much wow for the meme-coin indeed. Mr. Musk still tweeted on Dogecoin threatening the Federal Reserve, but it didn’t affect the sinking price.

Dogecoin, Elon Musk’s Favorite Dogecoin Among the Biggest Victims of His Manipulative Tweets

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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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