On January 11, 2024, Elon Musk, CEO of SpaceX and Tesla, reiterated his steadfast backing of Dogecoin, a community-driven memecoin.
In a Twitter Space event, Musk disclosed that he has not liquidated any of his DOGE holdings. The influence of Musk has historically played a significant role in shaping the price dynamics of Dogecoin.
Despite Musk’s recent declaration, the price of DOGE has shown minimal response, currently trading at $0.080, reflecting a marginal 0.3% decrease from the previous day.
Dogecoin experienced notable milestones in December, reaching 5 million addresses with a balance and witnessing a substantial increase in transactions.
While this heightened activity initially contributed to a surge in price, a more recent correction has resulted in just over half of Dogecoin holders currently holding positions at a profit, reminiscent of levels seen in early November ’23.
Dogecoin hit several milestones in December, including 5 million addresses with a balance and a significant spike in transactions.
This surge in activity initially fueled a price increase. However, the more recent price correction means that now just over half of Dogecoin… pic.twitter.com/jJZ0pSfTM9
— IntoTheBlock (@intotheblock) January 17, 2024
In a positive development, the DOGE-themed Twitter account @dogeofficialceo posted on the X/Twitter social media network, inquiring if fellow Dogecoin enthusiasts would be open to utilizing DOGE for tips and payments on the platform in the event of integration by Elon Musk. The query received a series of affirmative responses from the community.
Bitcoin = Gold
Dogecoin = Cash
Bitcoin is more scarce, but Dogecoin is a much more practical method of payment.
— Sir Doge of the Coin ⚔️ (@dogeofficialceo) January 12, 2024
Notable DOGE Withdrawal To Watch
Furthermore, a noteworthy transaction occurred as an unidentified buyer withdrew 67,903,623 Dogecoin from Robinhood, a prominent brokerage platform, in the previous day, as reported by the blockchain tracking service Whale Alert.
— Whale Alert (@whale_alert) January 16, 2024
As Dogecoin continues to navigate the dynamics of celebrity endorsements and market fluctuations, the community remains actively engaged, responding to potential use cases and market developments.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.