Sudden price movements are very popular in the cryptocurrency markets, especially Elon Musk’s tweets have a significant impact. Although not as much as before, today’s tweet has caused the price of DOGE to turn upwards in just one candle. So, will this be permanent? Why might Elon Musk have chosen today for this tweet?
Why Did Dogecoin Rise?
A few minutes ago, Elon Musk made a tweet about DOGE and the price started to rise again. Although not as exciting as before, Musk’s tweet pushed the price to above $0.072 from $0.068.
Elon Musk, who made a tweet meaning “play to win (ftw)”, is not unaware that today Tesla’s earnings report will be announced. The timing of the tweet could give rise to speculation that the mischievous billionaire may have added cryptocurrency to his balance sheet again. Tesla’s earnings report, which will be announced in the coming hours, has had a significant impact on the market many times in the past.
If the amount of BTC in the balance sheet has increased/decreased, it could mean an increase in volatility for the rest of the cryptocurrencies. For now, DOGE has not been able to further advance its gains and seems to have turned from its peak.
