Dogecoin Rally as Elon Musk Pumps the Market with “the People’s Crypto” Rhetoric

Updated:

Dogecoin (DOGE) has recorded a significant spike above the $0.280 following a series of tweets from Elon Musk, who recently described the meme coin as “the people’s crypto.”

Responding to an article from Benzinga noting that one in three US crypto holders own DOGE, Musk tweeted that many Tesla and SpaceX production line workers owned DOGE. The Tesla CEO tweeted that:

“They aren’t financial experts or Silicon Valley technologists.

That’s why I decided to support Doge – it felt like the people’s crypto.”

Before Musk’s tweet, Dogecoin exhibited some positive price action.

Musk first reiterated that he only held Bitcoin (BTC), Ethereum (ETH), and Dogecoin. Shortly after the tweet, DOGE/USD recorded a 5% spike before slumping to its previous level.

Meanwhile, Shiba Inu (SHIB) holders went after the billionaire CEO for a perceived attack on their token, which plummeted by over 10% after Musk said he did not own any.

Before now, DOGE has struggled to record any meaningful bullish progress despite massive bullish gains by other cryptos and meme coins. However, the flagship meme coin currently has the most intraday gains among the top ten cryptocurrencies.

Interestingly, while Musk touts DOGE as the “people’s crypto,” twenty wallets hold over 50% of the total DOGE supply. More interestingly, one wallet accounts for 36,711,947,722 DOGE, a whopping 27.8% of the total supply.

Key Dogecoin Levels to Watch — October 25

DOGE recorded a sharp recovery over the $0.280 line briefly over the past few hours before erasing most of its gains and dropping towards the $0.260 support. I expect the meme coin to post a steady rebound to the $0.270 critical resistance over the coming hours and a possible retest of the $0.280 six-week high.

DOGEUSD – 4-Hour Chart

Trading conditions and volume remains on the lower end giving the ninth-largest cryptocurrency ample room to record more price gains.

Meanwhile, our resistance levels are $0.270, $0.280, and $0.290, and our support levels are $0.250, $0.240, and $0.230.

Total Market Capitalization: $2.60 trillion

Dogecoin Market Capitalization: $34.8 billion

Dogecoin Dominance: 1.33%

Market Rank: #9

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.