Elon Musk tweeted a meme saying that DogeCoin is inevitable.
The businessman and billionaire, Elon Musk, is known for his special taste for controversial memes and tweets. The most recent of them suggests that DogeCoin (DOGE) will become the new standard of the global financial system. The tweet also says that DogeCoin’s global financial dominance is inevitable.
It’s inevitable pic.twitter.com/eBKnQm6QyF
– Elon Musk (@elonmusk) July 18, 2020
Elon Musk is the new unofficial CEO of DogeCoin
Due to his fondness for DogeCoin, Elon Musk was named as “CEO” of the DogeCoin (DOGE) project in April 2019. This was after a survey was conducted and 49% of respondents preferred the Founder of Tesla and Space X to one a variety of other important individuals, such as Vitalik from Ethereum, and Charlie Lee from Litecoin.
Dogecoin might be my fav cryptocurrency. It’s pretty cool.
– Elon Musk (@elonmusk) April 2, 2019
“Dogecoin could be my favorite cryptocurrency. It is very cool.”
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Who controls memes, controls the universe and the price of DogeCoin
Musk’s love of memes even went so far as to declare, albeit lightly, that “whoever controls memes controls the universe”.
Who controls the memes,
controls the Universe
– Elon Musk (@elonmusk) June 26, 2020
In the case of DogeCoin, Elon Musk’s meme definitely affected the price of DOGE. Before Elon Musk tweeted about DogeCoin becoming the new global financial standard, DOGE was experiencing a sideways movement around $ 0.003. After the tweet, DOGE reached $ 0.0037 at Binance: a 23% increase in value in less than 24 hours.
Analyzing the DOGE / USDT daily chart again, it is possible to observe the following.
- DogeCoin’s $ 0.00344 price is above the 50, 100 and 200 day moving averages, suggesting a possible continuation of optimism over the effects of last week’s Tik Tok viral video.
- Turnover is in the green, but both MACD and MFI suggest a possible exhaustion for Dogecoin.
- However, with Elon’s tweet, there is a small possibility that Dogecoin will continue on its upward path.
- Dogecoin has the following resistance zones: $ 0.0037, $ 0.0040, $ 0.0043, $ 0.00477, $ 0.00487, $ 0.005, $ 0.00542 and US $ 0.0055.