Has Elon Musk abandoned Dogecoin for new pet cryptos?

Dogecoin DOGE polytopia baby doge
Image by Jimmy Chan from Pixabay

Yerevan (CoinChapter.com) — Dogecoin(DOGE) still consolidated around the $0.24 margin ahead of the London session Sunday, while the billionaire’s efforts were directed at other new-born cryptos. The Dogefather tweeted a racy meme on Friday, in a clear effort to boost a coin called Dogecoin Polytopia. While Doge stayed put and the green candles on the chart were still unimpressive in the weekend.

The meme caused plenty of confusion, as the fresh coin has not yet managed to attract much attention. Many people in the comment section were convinced that the meme was in fact about Dogecoin.

Also read: Bull market to Bitcoin: Wake me up when September ends

Breaking the Dogecoin habit

The meme crypto has been dependent on Mr. Musk since the billionaire ‘adopted’ doge. His tweets pumped the price on many occasions. . On April 1, 2021, when Mr. Musk tweeted about his plan to put “a literal Dogecoin on the literal moon.” The price spiked 40 percent before correcting downward.

On May 7, the DOGE price gained 43 percent, as the Tesla CEO tweeted a photo of him getting ready for the Saturday Night Live show, which he was scheduled to host on May 8.

On May 13, he partially initiated an avalanche on the Bitcoin market by refusing to continue BTC payments for Tesla vehicles. The next day, the billionaire entrepreneur tweeted about his “potentially promising” work with Dogecoin developers. The coin’s market cap jumped $10 billion in response.

However, the latest tweets have not been as effective. “Release the doge” meme with Marlon Brando posted on July 1 didn’t put a much-awaited green candle on the charts.

The crazy doesn’t end there. Dogecoin inspired an array of tokens like Baby Doge and Dogecoin Polytopia, which spawned just a few days prior to the mentions. Looks like the CEO found other pet-markets to manipulate as he shifted all his tweeting energy into them. Mr. Musk also tweeted about Baby Doge, which was quick to respond to his call.


Also read: Elon, the ‘Dogefather’ does it again, with both DOGE and ‘BABYDOGE’

What’s next?

Meanwhile, the original Dogecoin, disregarded by the eccentric CEO, still consolidated within the descending channel. It formed the channel back in early May.

The formation threatens to take the price down further 45 percent if the token doesn’t break out any time soon. DOGE sought assistance from a significant support bar at the $0.237 price margin. The meme-coin managed to hold on and retested the upper resistance trendline of the channel multiple times in the last few sessions.

Dogecoin still in a descending channel. Source: DOGEUSD on TradingView.com
Dogecoin still in a descending channel. Source: DOGEUSD on TradingView.com

The infamously volatile Dogecoin depends on Elon Musk and his tweets. However, the billionaire found other pets to take care of, like Baby Doge and Dogecoin Polytopia. The upcoming sessions will show if the meme-coin is able to recover from the channel. If Dogecoin stays in formation, it risks losing 45 percent and ending up at the bottom trendline of the channel with a value at approximately $0.144.

Also read: Dogecoin’s mute reaction to Musk’s latest tweet shows the billionaire is losing it

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