- Elon Musk tweets about Dogecoin, but the memecoin fails to record a substantial price increase.
- The market seeks more definitive triggers for growth as the impact of regulatory actions overshadows influencer mentions.
Elon Musk, Twitter’s CEO, recently made an ambiguous mention of Dogecoin (DOGE) – his pet cryptocurrency – on the platform, sparking buzz within the community. His tweet, which read,
“Cry ‘Havoc!’ and let slip the Doges of war”,
has left many pondering its intent and implications.
Since the early hours when the tweet went live, it has attracted over 13.3 million views and significant reactions, much like Musk’s prior tweets about Dogecoin. Yet, the tweet has surprisingly not prompted a bullish recovery in the memecoin’s price, a scenario often seen following Musk’s previous DOGE-centric posts.
Currently, Dogecoin trades at a spot price of $0.05966, down by 15.41% in the past 24 hours. This performance aligns Dogecoin with several other altcoins that have also borne a bearish trend over the past week, with DOGE seeing a 17.71% dip.
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In light of Dogecoin’s lack of rebound following Musk’s tweet, the market’s reliance on firmer growth triggers has been underscored. The crypto market’s current temperament suggests that negative sentiment still holds sway, impeding the appearance of these triggers.
This sentiment is substantially influenced by the legal actions launched earlier this week by the United States Securities and Exchange Commission (SEC) against prominent exchanges Binance and Coinbase. These developments are creating ripples in the crypto market, predominantly leaning toward the negative.
One major fallout is brokerage platform Robinhood’s announcement to delist three cryptos – Cardano (ADA), Solana (SOL), and Polygon (MATIC) – by the end of the month. This decision followed the SEC’s classification of these tokens as securities, stirring more fear and uncertainty in the market.
The anticipation of further delisting actions by exchanges continues to hang heavy in the air, contributing to the market’s cautious atmosphere and its slow response to potentially influential tweets like Musk’s. Thus, the market’s need for more solid, reliable triggers for growth and recovery becomes increasingly evident.
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