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DOGE Did Not Pump on Elon Musk's Words & Thankfully So, Here's Why

Sun, 11/13/2022 - 12:19
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Gamza Khanzadaev
Here's why DOGE not pumping on Elon Musk is good for crypto market
DOGE Did Not Pump on Elon Musk's Words & Thankfully So, Here's Why
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Elon Musk's comments yesterday did not significantly pump up the Dogecoin price, which seems like a good sign. Thus, the eccentric billionaire, while holding a live conference on Twitter Spaces, assured listeners that he is working on the future of Dogecoin, and also exclaimed the phrase that has become a meme: "DOGE to the moon." After these words, the price of the memecoin rose by almost 14% in two hours, but the momentum was sold off and did not gain further traction.

DOGE to USD by CoinMarketCap

Why is this a good sign? The fact is that every previous time, DOGE pumping was a harbinger of a major correction on the crypto market. Of course, it can hardly be called a pattern, but the fact is obvious. What's interesting is that Dogecoin's late October surge of 100% or more due to Musk's purchase of Twitter occurred a week before the collapse of the infamous FTX exchange, which reduced the overall crypto market capitalization by more than 20% in two days.

DOGE Pump Crashed Crypto Market Again, Here's What Happened

Fearful and exhausted

The fact that DOGE has not pumped up from Musk's remarks is also quite eloquent in describing the current crypto market environment. It seems clear that the market is exhausted — sellers have sold out after the FTX crash, buyers are mostly fearful and stick to wait-and-see tactics.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.