Skip to content

Can Dogecoin hold post-Elon Musk Twitter CEO era? DOGE price analysis

Can Dogecoin hold post-Elon Musk Twitter CEO era? DOGE price analysis
Paul L.

Meme token Dogecoin (DOGE) has recently experienced an extended sell-off in line with the general crypto market. The correction was extended early this week after Elon Musk announced that he would step down as the CEO of Twitter once he finds an ideal replacement.

However, the token has ignored the overall market bearish sentiment by recording minor gains characterized by capital inflow. Indeed, by press time, Dogecoin was trading at $0.08 with gains of about 3% in the last 24 hours. 

Dogecoin one-day price chart. Source: Finbold

At the same time, the eighth-ranked cryptocurrency by market capitalization recorded about $460 million in capital inflows within a day. By press time, DOGE had a market capitalization of $10.17 billion. 

Dogecoin one-day market cap chart. Source: CoinMarketCap

Dogecoin’s relationship with Musk

It is worth noting that Dogecoin has a history of being sensitive to Musk’s tweets. Notably, following Musk’s acquisition of Twitter, the token surged amid speculations that DOGE might be incorporated as a payment option on the social media network. 

Consequently, since the announcement of Musk’s imminent exit from the helm of Twitter, investors have been focusing on DOGE’s next price movement. Notably, the Tesla (NASDAQ: TSLA) CEO revealed that he intends to focus on leading the software and server teams. 

Amid the recent correction, Dogecoin whales have been on an accumulation spree. According to data from the crypto analysis platform, Santiment, Dogecoin addresses with 100,000 to 1,000,000 coins account for about 6% of the network’s total supply, the highest value in almost six months. 

Dogecoin address holding. Source: Santiment.

What next for DOGE?

Following DOGE’s recent gains, the digital asset is exhibiting a bullish momentum despite struggling to find a formidable price movement in recent weeks. At the current price, DOGE is trading above the $0.075 support setting the resistance at $0.085. 

Despite Dogecoin’s relief rally, the technical analysis on TradingView is dominantly bearish. A summary of the daily gauges aligns with the ‘sell’ sentiment at 13, while moving averages recommend ‘strong sell’ at 12. 

Dogecoin technical analysis. Source: TradingView

Moving forward, it is worth noting that the meme coin remains susceptible to general market conditions. Indeed, the asset has been impacted by the fallout from the FTX cryptocurrency exchange collapse

In the meantime, Dogecoin investors will be hoping for a continuation of the current rally with forecasts aligning with a bullish outlook. As reported by Finbold, a machine learning algorithm has predicted that DOGE will likely trade at $0.079835 on January 1, 2023. 

At the same time, it remains to be seen how Musk’s sentiments impact DOGE, with investors hoping the token will be added as a payment option on Twitter in the new year. In this line, DOGE is likely to be characterized by a bullish sentiment. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts