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
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.
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.
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.