Over the last 24 hours, the Dogecoin price has dipped slightly by 2.16%, coinciding with an overall market dip, with meme coins averaging a 3.7% decrease. However, recent comments made by Elon Musk seem to have stirred Dogecoin Sentiment.
Todays loss slightly displaces the notable growth Dogecoin has made since last Friday, posting a 12.67% gain, in line with that observed by other notable altcoins.
Indeed, with this renewed growth, trader interest in Dogecoin has also been revived. The coin’s trading volume has surged by 15.72% to $557.96M over the past day.
Elon Musk Criticises Biden
This increased trader interest may be attributed to a recent comment made by Elon Musk during an X conversation with DogeDesigner, a pseudonymous user who works as a graphic designer in the Dogecoin ecosystem.
DogeDesigner raised questions about Biden’s competency, saying, “Every time I see Biden speaking, I wonder how this man became the President of America.”
Musk, who frequently interacts with DogeDesigner on X, responded by taking a dig at Biden, giving off “Late-stage civilization vibes.”
Late-stage civilization vibes
— Elon Musk (@elonmusk) July 12, 2024
These comments are significant, given the wider context. Joe Biden has long been cited as creating a hostile environment for crypto in the US with his regulation-by-enforcement approach.
This prospect has been at the forefront of crypto discussions in recent weeks due to their implications in the upcoming presidential election.
How Did the Dogecoin Price React?
A closer look at the charts reveals that Musk’s statement has had a negligible impact on the Dogecoin price.
Most significantly, when the tweet was posted at 2:46 AM, Dogecoin’s relative strength index (purple) surged from 30 to 45. This represents a transition from an oversold state to a more neutral one, though still erring on the side of bearishness.
However, this surge was short-lived; the RSI corrected within the following hour and now sits firmly in oversold territory at 30.
The initial momentum generated by the post did not create enough sustained buying pressure to push the price out of bearish territory.
Indeed, it seems the days when Elon Musk could swing the Dogecoin price with a mere mention have passed. Investors aren’t as willing to dive into Dogecoin anymore.
A warning heeded by other experts, who note that Dogecoin and Shiba Inu have seen much of their attention “sucked out” by other meme coins, reflected in their recent disappointing price action.
Looking at wider trends, the Dogecoin price remains firmly bound in consolidation. It continues to range around the 30DMA (yellow) in its side trend.
Although a bounce-off of the $0.10481 support level is expected, traders should look out for a breach below this point as a precursor for further downside.
Low-Cap Meme Coin Offering High Gains Potential
Given this lapse market reaction, it is clear, now more than ever, that Dogecoin is struggling to compete for mindshare. Therefore, it is understandable why traders are seeking more promising opportunities.
Enter PlayDoge ($PLAY), a new low-cap meme coin capturing the attention of meme fans, gamers, and crypto enthusiasts alike.
The meme coin market is over-saturated with Shiba Inu-themed coins boasting little to no real utility. In contrast, PlayDoge stands out by focusing on gaming utility.
Introducing #PlayDoge – the only #P2E Doge companion!
Inspired by the legacy of #Tamagotchi, feed, train and play with your 2D Doge to earn $PLAY.
Don’t neglect your doge, his life’s on the line
Join the #Presale Now https://t.co/JT0VEofqf2 pic.twitter.com/RoJYXLS1FH
— PlayDoge (@PlayDogeGame) June 3, 2024
It transforms the iconic Doge meme into a play-to-earn Tamagotchi-style virtual pet, tapping into 90s nostalgia. This unique approach may credit $PLAY’s recent success, raising over $5.5M in its presale so far.
PlayDoge will enable players to earn rewards by nurturing their pets and taking them on adventurous journeys. Timely feeding, training, and sleep all contribute to the rewards earned by the conscientious pet owner.
At a temporary fixed presale price of $0.00518, those who act quickly stand to benefit the most. Investors are currently earning a notable 88% APY. This presents a valuable passive income opportunity, even amidst recent market volatility.
Keep in touch with project developments by joining the community on X and Telegram.
BUY PlayDoge HERE
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