On April 4, 2022, Elon Musk, CEO of Tesla and a er of the cryptocurrency Dogecoin, acquired 73,486,938 shares of Twitter for a price of $2.89 billion. The deal resulted in his gaining 9.2 percent ownership in the company. In addition, it propelled him to the top of the list of Twitter’s most significant stakeholders, elevating him over Jack Dorsey, the company’s co-founder, in the process. Not only does he often tweet about cryptocurrencies, but he is also a huge er of these digital currencies. The price of several cryptocurrencies has been significantly impacted due to some of his comments. In addition to his financial commitment, Elon Musk has taken a seat on Twitter’s board of directors in a more official position. According to the conditions of the transaction, Musk, on the other hand, is restricted from expanding his stake in the company to a level higher than 14.9%. This information is derived from a formal filing with the SEC. 304h42
Musk’s purchase of Dogecoin, a currency he strongly s, has also had a rippling effect. Since May 2021, Dogecoin’s price chart has shown a ‘falling wedge’ trend. When the risk prepares for a new bull run, this pattern (see the graphic below) begins to form. Musk’s investment sparked Doge’s trend reversal. The meme coin’s price might return to the $0.37 level last seen in June 2021 if this feature is enabled. The actual cost of $0.163 is around 130 percent higher. Any time the top trend line breaks above the lower trend line, a falling wedge often moves higher, retracing the decline’s path. Using this example, the price is $0.3765.
People eager to buy Dogecoin are using wishful thinking when they say this. According to the CEO of Tesla, payments made in Dogecoin will be accepted at Tesla’s charging stations as well as for the company’s products. It’s possible that Musk’s status as the largest stakeholder on Twitter permitted him to make a concerted effort to spread awareness about the cryptocurrency he is ionate about. However, all of this is only conjecture on our part. His position on Twitter’s board makes it more difficult for him to use Twitter (assuming we think he was actively using it for this reason) to boost the price of anything. This puts him at greater risk of regulatory action. As a result, a bullish signal may not always lead to a bull run; it may instead consolidate and wait for a new breakout. The fact that Dogecoin’s bullish setup is not backed by significant volume is abundantly evident at the bottom of the chart. The lack of interest is evidence that potential investors are not yet convinced that they will be able to earn money from the venture.
Dogecoin has to break above two significant levels for the current rise to continue: First, the EMA for 20 days, and then the EMA for 50 days. The exponential moving average (EMA) for the last 20 days is depicted in green, while the EMA for the past 50 days is depicted in red. Although it was previously broken today when Dogecoins went as high as $0.16, the exponential moving average (EMA) for the last 20 days is currently established at $0.15. On the price charts, it has been close to two months since we’ve seen this pricing level before. As the price of meme coin continues to increase, the 50-day exponential moving average (EMA), which now sits at $0.17, looks to be within striking distance.
As of the time this post was written, the price of one Dogecoin was $0.1652, representing an increase of 8.66 percent over the previous twenty-four hours. The percentage rise in the company’s market value from the previous quarter was 8.66 percent, bringing it to a total of $21.9 billion. Its 24-hour trading volume has increased by 135 percent, bringing the total amount of money traded to $6 billion. Since Dogecoin is a cryptocurrency based on a joke, it is very important to that any fundamentals do not the currency. Investors would be well to bear in mind that Elon Musk’s tweets have been the source of all significant price shifts in the past.
On April 4, 2022, Elon Musk, CEO of Tesla and a er of the cryptocurrency Dogecoin, acquired 73,486,938 shares of Twitter for a price of $2.89 billion. The deal resulted in his gaining 9.2 percent ownership in the company. In addition, it propelled him to the top of the list of Twitter’s most significant stakeholders, elevating him over Jack Dorsey, the company’s co-founder, in the process. Not only does he often tweet about cryptocurrencies, but he is also a huge er of these digital currencies. The price of several cryptocurrencies has been significantly impacted due to some of his comments. In addition to his financial commitment, Elon Musk has taken a seat on Twitter’s board of directors in a more official position. According to the conditions of the transaction, Musk, on the other hand, is restricted from expanding his stake in the company to a level higher than 14.9%. This information is derived from a formal filing with the SEC.
Musk’s purchase of Dogecoin, a currency he strongly s, has also had a rippling effect. Since May 2021, Dogecoin’s price chart has shown a ‘falling wedge’ trend. When the risk prepares for a new bull run, this pattern (see the graphic below) begins to form. Musk’s investment sparked Doge’s trend reversal. The meme coin’s price might return to the $0.37 level last seen in June 2021 if this feature is enabled. The actual cost of $0.163 is around 130 percent higher. Any time the top trend line breaks above the lower trend line, a falling wedge often moves higher, retracing the decline’s path. Using this example, the price is $0.3765.
People eager to buy Dogecoin are using wishful thinking when they say this. According to the CEO of Tesla, payments made in Dogecoin will be accepted at Tesla’s charging stations as well as for the company’s products. It’s possible that Musk’s status as the largest stakeholder on Twitter permitted him to make a concerted effort to spread awareness about the cryptocurrency he is ionate about. However, all of this is only conjecture on our part. His position on Twitter’s board makes it more difficult for him to use Twitter (assuming we think he was actively using it for this reason) to boost the price of anything. This puts him at greater risk of regulatory action. As a result, a bullish signal may not always lead to a bull run; it may instead consolidate and wait for a new breakout. The fact that Dogecoin’s bullish setup is not backed by significant volume is abundantly evident at the bottom of the chart. The lack of interest is evidence that potential investors are not yet convinced that they will be able to earn money from the venture.
Dogecoin has to break above two significant levels for the current rise to continue: First, the EMA for 20 days, and then the EMA for 50 days. The exponential moving average (EMA) for the last 20 days is depicted in green, while the EMA for the past 50 days is depicted in red. Although it was previously broken today when Dogecoins went as high as $0.16, the exponential moving average (EMA) for the last 20 days is currently established at $0.15. On the price charts, it has been close to two months since we’ve seen this pricing level before. As the price of meme coin continues to increase, the 50-day exponential moving average (EMA), which now sits at $0.17, looks to be within striking distance.
As of the time this post was written, the price of one Dogecoin was $0.1652, representing an increase of 8.66 percent over the previous twenty-four hours. The percentage rise in the company’s market value from the previous quarter was 8.66 percent, bringing it to a total of $21.9 billion. Its 24-hour trading volume has increased by 135 percent, bringing the total amount of money traded to $6 billion. Since Dogecoin is a cryptocurrency based on a joke, it is very important to that any fundamentals do not the currency. Investors would be well to bear in mind that Elon Musk’s tweets have been the source of all significant price shifts in the past.