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Elon Musk's Favorite Dogecoin Stutters, Here's What to Expect

Thu, 06/29/2023 - 15:16
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Godfrey Benjamin
Dogecoin has lost its vigor when compared to growth rate of other top meme coins
Elon Musk's Favorite Dogecoin Stutters, Here's What to Expect
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Dogecoin (DOGE), the favorite coin of Twitter Chairman Elon Musk, is lagging behind in growth when compared to the rest of the top digital currencies that make up the meme coin spectrum. At the time of writing, Dogecoin is trading at a market price of $0.06368, down by 0.72% in the past 24 hours.

By comparison, Dogecoin is the worst performer against the duo of Shiba Inu (SHIB) and PEPE. While SHIB is up by 0.50%, PEPE has also soared by 4.57% overnight. The Dogecoin sentiment and the influence of Elon Musk on the digital currency appears to be fading off, especially since new Twitter CEO Linda Yaccarino took over.

While this appears speculative, the most recent warning from Elon Musk came when he told his millions of followers that they should not "bet the farm" on the premier meme coin.

Comments from Elon Musk, especially as relates to Dogecoin, are often referred to as an endorsement, and this is visible in the massive price rallies that always follow any form of tweet about the meme coin. The caution he shared has likely forced some investors to stay conservative as concerns injecting cash into the protocol.

Dogecoin Drops 2.88% as Elon Musk Replaces 'DOGE CEO' on Twitter With New One

What to expect in near term

While Dogecoin boasts of the largest market cap among the meme coins, it is also one of the most volatile digital currencies in the Web3.0 world again. With the ongoing sell-off of the asset, we can expect a relatively mild bullish reversal in the near term, a move which, if achieved, would be a normal reaction to current price falls.

Dogecoin has always outperformed the best of assets even in the past few quarters, and it has recorded an average of 123% growth in Q2 since its inception. With its price down this month, we can expect a better growth record moving forward.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.