How Did Dogecoin React To Elon Musk's Biography Announcement?

09/04/2023

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The forthcoming biography of Elon Musk to be released on 12 September sheds light on more details about his involvement in the cryptocurrency world. Dogecoin, the price of which rises every time Musk mentions it, is seeing a drop right this time.

The billionaire's biography states that he secretly funded the development of Dogecoin. Musk's early public interactions with Dogecoin drove up the token's price, which aroused the suspicions of the community, which accused him of insider trading.

Elon Musk Crypto Token: from Dogecoin to X

This article aims to take a deep dive into Elon Musk’s relationship with various crypto like Dogecoin or Shiba Inu, the impacts of his comments and actions, and how they shape the volatile crypto market.

Musk's revelations have not affected the memcoin's price performance. Currently, DOGE is trading in the range of $0.0634 on the 4-hour chart. The 1-day chart shows a downtrend, where the token has been in since December last year. The token has also broken the major support levels, which suggests further price decline.

Source and Copyright TradingView

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