headlines, shows Musk in a mirrored sunglasses with Shiba Inu dog flashing through the frame.
Elon Musk’s Twitter profile picture change sends Dogecoin soaring
The tech billionaire changed his display picture on Twitter soon after mentioning that his son was holding his “Doge like a champ” in a reply tweet: “Lil X is holding his Doge like a champ. Literally never said the word “sell” even once!”
Elon Musk’s New Twitter Profile Picture Excites the Dogecoin Community
o Elon Musk is getting a “typical” day, according to the internet. This hype is typical for this giant tech boy. The billionaire Tesla CEO is no weirder to social media outbursts, but his tweets have been exemplary even by those benchmarks over the last few days. Much of this does not necessitate lengthy reasoning- He changed his profile picture, which could confound anyone inexperienced with the crypto world.
What did Elon musk do this time?
With 58.3 million Twitter followers, Musk updated his profile to a photograph of him that was reflected in Dogecoin’s sunglasses.
Rich guy Elon Musk might not have been able to transition economies, but his behaviour may continue to create a significant boost. The Chief Executive Officer of Tesla and SpaceX has switched his profile into a headshot where DOGE’s sunglasses reflect- and where he looks like a rich dapper guy, which he is.
Impact of posting a ‘simple profile picture ‘
There were no rallies ten times, but Dogecoin’s price saw on Sunday, as a consequence, a 10 per cent jump. The cryptocurrency’s price has since dropped, wiping out half of its gains, and is currently trading at $0.18. The spike took place because Dogecoin co-founder Jackson Palmer returned to Twitter to quote his unhappiness with the cryptographic industry.
A day after he tweeted that his own son “held his doge as a champion” came the change to Musk’s profile picture. Tesla CEO Elon Musk cheerfully admired his son “Lil X,” because he held his dogecoins and never considered selling them. DOGE prices were up 10 per cent per day in this price move.
Musk’s Dogecoin tweets sometimes have astronomical price repercussions. However, after the modification in photography of Musk, the meme cryptocurrency erased the gains it made.
Musk’s use of “Doge’s eyes” to show his support for Dogecoin is most obviously a reference to Bitcoin’s #LaserRayUntil100k fad, in which users add laser eyes to their social media profile images to show their support. Musk was a part of the mania for a short time, along with Michael Saylor of MicroStrategy, who has kept the laser eyeballs alive to this day.
Musk’s profile picture of a Bitcoin anime girl with laser eyes was ushered up last month. However, it has little impact on the price of the largest cryptocurrency. Bitcoiners appear to be more resistant to manipulation than DOGE holders, or the BTC price is insanely high to be pushed as readily as the meme-coin.
Bitcoin and Dogecoin have fallen from their 2021 highs after Tesla’s move to cease BTC trading prompted a significant crypto market drop.
Despite this, Dogecoin is the only top 20 currency to have endured sizable stock prices reasonably quickly, despite a searing referendum of no-confidence from the most impactful software programmers in crypto’s short history.
But Why does Elon love Doge SO MUCH?
Musk seems to have been a vocal supporter of dogecoin and has dropped hints that it will be used as a payment method for Tesla. While dogecoin has been chastised for being controlled by a small group of whales, it has risen by 7,000% this year. Musk has outlined the income stream as his favourite cryptocurrency but lately warned investors not to put too much money into it. Someone talked about changing dogecoin fees based on moon phases, which is pretty cool, haha- According to Mr billionaire Musk.
Musk has been heard saying he favours dogecoin over other cryptos because Doge has dogs & memes, whereas the others do not- Wow, what a brilliant, financially acclaimed preference.
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Dogecoin (DOGE) Enjoys a Spike as Musk Changes Twitter Profile Pic
Dogecoin is still climbing higher after witnessing a sharp surge during the previous sessions, thanks to its lead promoter Tesla CEO Elon Musk once again. At the time of writing, DOGE/USD is trading around $0.17.
Also known as ‘Dogefather’ among the online community, Musk and his remarks on the leading memecoin have often driven severe volatility not only in Dogecoin but across other cryptocurrencies as well. The recent upswing was triggered after he updated his profile picture on Twitter to a headshot sporting sunglasses which feature a reflection of Doge in them.
DOGE holders took this as a sign of rising interest in the cryptocurrency by Musk, causing buyers to enter the game and take its price higher. In the past 24 hours, Dogecoin has strengthened by over 10%, although it is still down by over 4% over the past week.
With the crypto market still trading with a bearish mood, despite the recent surge, memecoins are set to post a loss for the third consecutive month as retail investors drive away from the highly volatile, unregulated and unpredictable digital assets. In addition, new entrants are also hesitant to step into the market which is experiencing sharp sell-offs owing to the increased regulatory scrutiny they are being subject to in many countries lately.
The decline in interest among retail investors is evident from online brokerage firm Robinhood’s forecast of a fall in trading activity. After generating as much as 17% of its revenue from crypto trading activities during the bull run at the beginning of the year, the company saw this share fall to as low as 4% in Q2 2021. Robinhood was one of the apps that benefited immensely from the soaring interest in Dogecoin, with 34% of its revenue coming on the back of a spike in DOGE price and trading volume.
Key Levels to Watch
On the 4-hour chart, the smaller moving averages and leading technical indicators momentum and MACD are exhibiting a bullish bias. Although, the larger timeframe MAs are flashing sell signals in keeping with the overall trend in the crypto market at the moment.
For now, the price is holding just below the pivot point at $0.18 but is above the immediate support level at $0.16. Further buying interest can drive Dogecoin’s price higher above the pivot and back up above the key $0.20 level to test resistance at $0.21.