DOGE value explodes following new tweet from Tesla founder and present Twitter proprietor
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In a sudden surge, the worth of Dogecoin (DOGE) skilled a vertical rise of three% immediately, capturing up from $0.07 to $0.073 per DOGE in only one minute. The catalyst behind this explosive value motion? None apart from Elon Musk, the enigmatic billionaire and notable figurehead of Tesla, SpaceX and Twitter.
Famend for his playful interactions with the crypto neighborhood, Musk responded to a query on Twitter about his desire for cats or canine with a easy but impactful reply: “Doges.” This seemingly innocuous response was sufficient to ignite a pointy pump within the value of the eponymous token.
Nearly instantaneously, giant volumes of trades flooded the DOGE market, triggered by what appears to be automated shopping for bots meticulously programmed to grab any point out of Dogecoin by the self-proclaimed “Dogefather” himself, Elon Musk.
Nonetheless, the pump proved to be short-lived. Merely a minute after the vertical candle appeared on the DOGE price chart, it deflated simply as quickly. Astonishingly, a mere three hours following the tweet, the worth of Dogecoin plummeted by over 5% at one level, successfully eradicating the whole pump and leaving the token a few share factors decrease.
This sudden reversal of occasions could function a cautionary story, suggesting that making an attempt to commerce Dogecoin primarily based on Musk’s tweets or information is an train in futility. The patterns that emerge from such trades are all too predictable, making it more and more possible that one would find yourself within the detrimental quite than profitably competing with lightning-fast buying and selling bots, which effortlessly exploit such traits.