Last week, Elon Musk took the entire Dogecoin (DOGE) community by surprise when he said he is supporting Dogecoin. Elon Musk even went on to claim that he will continue supporting and investing in DOGE.
One of the Twitter users even stated sarcastically that he needs to invest not talk on Twitter. However, Musk did not take the sarcasm lightly and stated that he will invest in Dogecoin.
Due to Musk’s back-to-back tweets in favor of DOGE, its trading price ended up experiencing a significant surge. The trading price of DOGE continued growing throughout the past week.
Dogecoin is Back to its Struggling Trend
After a successful week, it seems that Musk’s magic of words has finally come to an end. The pump that Musk created with his support for Dogecoin has ended and it has ended up with a huge dump.
It is being said that Dogecoin had a very green day when Elon Musk, the CEO of SpaceX and Tesla made a promising announcement to support DOGE. He stated that he plans on investing heavily in DOGE and he will continue supporting it.
DOGE’s Surge after Elon Musk’s Support
Due to Musk’s words, the trading price of DOGE experienced a great spike. The data shows that at one point, the rally rate for DOGE went up to 24%. Before Musk had expressed his support for DOGE, it was at a low of $0.0501.
However, following Musk’s tweets in support of the meme coin, the trading price of DOGE skyrocketed and went up to $0.0622. Unfortunately, the spike wasn’t able to stay put for a while. Instead, it died soon and the price of DOGE has moved into the lower zone.
Current Price of Dogecoin
At the time of writing, the trading price of DOGE is worth $0.058 and it has experienced a 5.4% surge in the past 24 hours. Whereas, the past 7-day performance of DOGE shows that its price has plummeted by -9%.
A look at the past 30-day performance of DOGE shows that its price has plummeted by -31% and b -80% in the past 12 months.
Why Musk Has Become So Vocal About DOGE
It is highly likely that Elon Musk is trying to save himself from a huge lawsuit by showing his support for Dogecoin. It was recently reported that one of the DOGE investors had filed a lawsuit against Elon Musk for running a crypto ‘pyramid’.
Musk has reportedly been sued for a whopping $258 billion by the investor for using his influence to increase the price of DOGE.
For now, the situation for DOGE is not clear and no one knows where DOGE will be in the upcoming days.