Elon Musk-Inspired $D.O.G.E. Coin Blasts Up Then Pulls Back – Are Investors Now Eyeing This Bird Coin?
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A new pro-Elon Musk and pro-Trump meme coin called Department Of Government Efficiency ($D.O.G.E) shot up 8%, crashed 14%, then recovered 10%, over the course of a quarter hour this morning UTC.
According to the data, $D.O.G.E traded at $0.00000585 at 08:39 AM UTC. Less than ten minutes later, at 08:48 AM, the meme coin had risen vertically to hit $0.0000063.
A prompt sell-off within six minutes then crashed the price down to $0.00000541 before the token finally recovered by 9:05 AM when it traded at $0.00000593.
Now, it’s important to remember that $D.O.G.E is a micro cap meme coin. With a market capitalization of little more than half a million dollars, a trader doesn’t need a lot of money—relatively speaking—to manipulate its price…
Is Elon Pumping $D.O.G.E?
Elon Musk has a long history with crypto. Back in 2021, he was frequently tweeting about Dogecoin ($DOGE) and sending the price skyrocketing. Through Tesla, he also spent $1.5 billion on roughly 43,000 Bitcoins before selling roughly three quarters of them.
Oh and one of the largest meme coins—the $1.3 billion Floki ($FLOKI)—is named after his pet.
So, Elon is no stranger to crypto. However, the links between Elon and $D.O.G.E are less clear.
In a speech in September, Elon promised that if Trump gets elected as 47th President: “I will create a government efficiency commission tasked with conducting a complete financial and performance audit of the entire federal government.” For his part, Trump warmed to the idea.
So, $D.O.G.E appears to be a proxy for fans of the Musk/Trump duo. However, given the small market cap, it’s far from a popular one.
Instead, what we see on the price chart are frequent vertical ascents, followed by just as rapid descents. This is only possible when whales get involved, pump the price, dump for profit, then get back in again.
Still, the token enjoys strong support at a dime. Around a fortnight ago, $D.O.G.E set an all-time high of $0.000009003, but now trades 36% short of that.
A relative strength index of 54 suggests the token is fairly priced right now, which primes it for more rallies between now and Tuesday, when the election is decided.
Long-Term Investors Avoid $D.O.G.E; Crypto All-Stars Raises $3 Million at Presale
Given the topical nature of the project and the subtle signs of market manipulation around it, $D.O.G.E is not likely to still be popular this time next year.
Meme coin investors looking for longevity are better off looking at the presale market, where coin launches can easily turn over 10x or 100x profits.
One new protocol called Crypto All-Stars hopes to change the negative perceptions around meme coins by letting crypto fans put them to work.
Crypto All-Stars is a unified staking protocol that allows users to earn serious rewards by combining the world’s most celebrated meme coins.
Users can stake Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Based Brett, MogCoin, Milady, TurboToken, Toshi The Cat, Coq Inu, and BonkCoin in the MemeVault to earn passive income.
The current reward rate for staking these coins is an impressive 529% in the form of $STARS.
The project has gained so much popularity that its presale has already raised around $3 million.
Following the purchase, investors can begin staking for rewards and claim the tokens once the presale ends.
Head to the website to buy $STARS with ETH, USDT, BNB, or even by card.
Follow Crypto All-Stars on social media – X (Twitter) | Telegram to stay up-to-date on all the developments.
Visit the Crypto All-Stars Presale Website Here
The post Elon Musk-Inspired $D.O.G.E. Coin Blasts Up Then Pulls Back – Are Investors Now Eyeing This Bird Coin? appeared first on Cryptonews.
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Elon Musk-Inspired $D.O.G.E. Coin Blasts Up Then Pulls Back – Are Investors Now Eyeing This Bird Coin?
Share:
A new pro-Elon Musk and pro-Trump meme coin called Department Of Government Efficiency ($D.O.G.E) shot up 8%, crashed 14%, then recovered 10%, over the course of a quarter hour this morning UTC.
According to the data, $D.O.G.E traded at $0.00000585 at 08:39 AM UTC. Less than ten minutes later, at 08:48 AM, the meme coin had risen vertically to hit $0.0000063.
A prompt sell-off within six minutes then crashed the price down to $0.00000541 before the token finally recovered by 9:05 AM when it traded at $0.00000593.
Now, it’s important to remember that $D.O.G.E is a micro cap meme coin. With a market capitalization of little more than half a million dollars, a trader doesn’t need a lot of money—relatively speaking—to manipulate its price…
Is Elon Pumping $D.O.G.E?
Elon Musk has a long history with crypto. Back in 2021, he was frequently tweeting about Dogecoin ($DOGE) and sending the price skyrocketing. Through Tesla, he also spent $1.5 billion on roughly 43,000 Bitcoins before selling roughly three quarters of them.
Oh and one of the largest meme coins—the $1.3 billion Floki ($FLOKI)—is named after his pet.
So, Elon is no stranger to crypto. However, the links between Elon and $D.O.G.E are less clear.
In a speech in September, Elon promised that if Trump gets elected as 47th President: “I will create a government efficiency commission tasked with conducting a complete financial and performance audit of the entire federal government.” For his part, Trump warmed to the idea.
So, $D.O.G.E appears to be a proxy for fans of the Musk/Trump duo. However, given the small market cap, it’s far from a popular one.
Instead, what we see on the price chart are frequent vertical ascents, followed by just as rapid descents. This is only possible when whales get involved, pump the price, dump for profit, then get back in again.
Still, the token enjoys strong support at a dime. Around a fortnight ago, $D.O.G.E set an all-time high of $0.000009003, but now trades 36% short of that.
A relative strength index of 54 suggests the token is fairly priced right now, which primes it for more rallies between now and Tuesday, when the election is decided.
Long-Term Investors Avoid $D.O.G.E; Crypto All-Stars Raises $3 Million at Presale
Given the topical nature of the project and the subtle signs of market manipulation around it, $D.O.G.E is not likely to still be popular this time next year.
Meme coin investors looking for longevity are better off looking at the presale market, where coin launches can easily turn over 10x or 100x profits.
One new protocol called Crypto All-Stars hopes to change the negative perceptions around meme coins by letting crypto fans put them to work.
Crypto All-Stars is a unified staking protocol that allows users to earn serious rewards by combining the world’s most celebrated meme coins.
Users can stake Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Based Brett, MogCoin, Milady, TurboToken, Toshi The Cat, Coq Inu, and BonkCoin in the MemeVault to earn passive income.
The current reward rate for staking these coins is an impressive 529% in the form of $STARS.
The project has gained so much popularity that its presale has already raised around $3 million.
Following the purchase, investors can begin staking for rewards and claim the tokens once the presale ends.
Head to the website to buy $STARS with ETH, USDT, BNB, or even by card.
Follow Crypto All-Stars on social media – X (Twitter) | Telegram to stay up-to-date on all the developments.
Visit the Crypto All-Stars Presale Website Here
The post Elon Musk-Inspired $D.O.G.E. Coin Blasts Up Then Pulls Back – Are Investors Now Eyeing This Bird Coin? appeared first on Cryptonews.
In This News
Coins
$ 2.93K
-6.09%$ 0.99982
-0.02%$ 854.06
-4.04%$ 0.0136
-7.06%$ 0.129
-5.75%Share:
In This News
Coins
$ 2.93K
-6.09%$ 0.99982
-0.02%$ 854.06
-4.04%$ 0.0136
-7.06%$ 0.129
-5.75%Share:
Read More
Best New Bullish Meme Coin to Buy Today – 15 December