Elon Musk believes Dogecoin could be a currency, DOGE prepares for recovery


  • Elon Musk, CEO of Tesla and Dogecoin proponent, believes DOGE has potential as a currency. 
  • Dogecoin price is on track to recover, and the meme coin has posted nearly 4% gains overnight. 
  • Analysts believe DOGE could recover from its slump, but bears reached exhaustion. 

Elon Musk commented on the Dogecoin co-founder’s tweet. Musk believes DOGE could be a currency and fuels a bullish sentiment among investors. 

DOGE is on track to begin recovery soon

Tesla CEO Elon Musk recently made a bullish remark on Dogecoin despite the market-wide bloodbath. Musk affirmed that DOGE has potential as a currency in response to Billy Markus, co-founder of Dogecoin’s tweet. 

Musk likes the meme cryptocurrency and remains bullish on it. The billionaire CEO of Tesla has identified potential in DOGE and believes that the meme coin has the properties of a currency. The tweet has received a positive response from the DOGE community, and Dogecoin proponents are bullish on the meme coin. 

The recent crypto market bloodbath had a negative impact on most cryptocurrencies, including Shiba-Inu-themed cryptocurrencies DOGE and SHIB. Dogecoin has struggled to recover from the correction. However, analysts have identified signs of bearish exhaustion in Dogecoin. 

The Dogecoin price could likely wipe out recent losses and make a complete recovery. DOGE has posted nearly 4% gains overnight, and meme coin is on its path to making a comeback. 

Another key factor driving a bullish sentiment in the community is the high volume of DOGE held by whales and investors across exchanges. Robinhood holds 30.97% of the meme coin’s circulating supply on behalf of its investors. 

Analysts believe Dogecoin’s downtrend has hit its peak, and bears are exhausted. FXStreet analysts believe DOGE has had a chance to recover; however, the asset could retest support, extending from $0.078 to $0.087. If the bloodbath continues, DOGE could plummet instead of beginning recovery. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP