empty
20.07.2021 09:15 AM
Elon Musk continues to support his favorite cryptocurrency

This image is no longer relevant

Elon Musk continues to support his much-loved cryptocurrency Dogecoin, despite the fact that the entire altcoin market continues to decline, being completely in a bearish market. After Tesla's CEO manipulated Twitter again, Dogecoin's price surged by more than 10% after this event.

Many people thought that Elon Musk either forgot about the digital asset or listened to the advice of crypto enthusiasts and stopped writing any messages about cryptocurrencies, since he is a catalyst for both the growth and fall of any cryptocurrency and many are afraid of this.

Therefore, he was strictly not recommended to perform any actions regarding cryptocurrencies. However, it seemed to everyone that he had not forgotten Dogecoin, and so he updated his Twitter profile photo to show his love for cryptocurrency. Elon Musk put a photo of himself in glasses with a reflection of Dogecoin on them in order to prove his loyalty to the cryptocurrency.

After this action of the Techno King, the price of Dogecoin rose from $ 0.18 to $ 0.202 that night. However, this was temporary. Dogecoin declined to the level of $ 0.173 again after a short while, since the crypto asset, like all other altcoins, is completely in a bearish trend.

Dogecoin has been falling by more than 70% since it reached its historical peaks back in May when it was trading at $ 0.733. After such a global decline, many fans and crypto enthusiasts simply prayed to Musk that he would write something on Twitter to artificially raise the price of the crypto meme.

But despite all the requests, Musk remained adamant and remained silent for a long time. At the beginning of June, he only mentioned Baby Doge – this is a new crypto name that Elon actively began to promote, after which it grew by more than 90%. After such growth, the American company Nascar even added a Baby Dogecoin to its cars.

Meanwhile, one of the creators of Dogecoin and Ethereum, Jackson Palmer, continues to speak negatively about cryptocurrencies. Palmer is sure that cryptocurrencies are very bad in terms of decentralization. According to him, this is a complete illusion and the entire crypto market is controlled by major players in the market.

Vitaly Kolesnikov,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Bitcoin spikes from $96 600 to $104 500 in 24 hours

Bitcoin has surged to $104,500, after trading at $96,600 just yesterday morning. This confident move above the $100,000 mark clearly signals a return of strong bullish momentum in the cryptocurrency

Jakub Novak 14:49 2025-05-09 UTC+2

Trading Recommendations for the Cryptocurrency Market on May 9

Bitcoin has climbed above $100,000, while Ethereum is trying to consolidate above $2,000. After yesterday's sharp rally, which continued during today's Asian session, Bitcoin is now trading at $103,000, having

Miroslaw Bawulski 09:46 2025-05-09 UTC+2

Technical Analysis of Intraday Price Movement Ethereum Cryptocurrency, Friday May 09, 2025.

If we look at the 4-hour chart of the Ethereum cryptocurrency, it appears that the price movement is moving above the WMA (30 Shift 2) which also has a slope

Arief Makmur 06:27 2025-05-09 UTC+2

Technical Analysis of Intraday Price Movement Bitcoin Cryptocurrency, Friday May 09, 2025.

On the 4-hour chart of the Bitcoin cryptocurrency, the Stochastic Oscillator indicator can be seen to be in Overbought conditions and is now preparing to Cross SELL and break below

Arief Makmur 06:27 2025-05-09 UTC+2

Bitcoin: Who's Driving the Price Up — Powell, the U.S. Treasury, or Short Squeezes?

While stock indices remain stagnant, gold consolidates near its highs, and Bitcoin is once again capturing attention. The crypto market's flagship has approached the psychologically important $100,000 level

Ekaterina Kiseleva 00:28 2025-05-09 UTC+2

Trading Recommendations for the Cryptocurrency Market on May 8

Bitcoin reached just below $100,000, while Ethereum hit $1,900. Such a major growth in the cryptocurrency market once again confirms its bullish outlook, which has been discussed quite

Miroslaw Bawulski 09:22 2025-05-08 UTC+2

Bitcoin on the Brink: Breakout or Reversal?

Bitcoin's price is hovering near a psychologically significant threshold, with market participants bracing for another upward surge or a sudden reversal that could erase short-term bullish expectations. More chart

Ekaterina Kiseleva 01:16 2025-05-08 UTC+2

Crypto market opens with buoyant growth

US stock index futures surged sharply at the opening of today's trading session on news that representatives from the US and China have resumed consultations on trade matters. Media reports

Jurij Tolin 14:14 2025-05-07 UTC+2

Trading Recommendations for the Cryptocurrency Market on May 7

Bitcoin and Ethereum Show Further Growth Amid Positive Crypto Legislation News Bitcoin is currently trading at $96,700, having rebounded from a low of $93,400, while Ethereum has recovered

Miroslaw Bawulski 10:32 2025-05-07 UTC+2

Bitcoin Gathers Strength: The Market Prepares for the Next Wave

Bitcoin is trading in the $93,000–$94,000 range, about 0.5% below its recent local high of $97,900, recorded on May 2. Volatility has decreased, and the market seems

Ekaterina Kiseleva 01:23 2025-05-07 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.