Elon Musk

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a> 
 </figcaption> 
</figure> 
In the latest chapter of the ever-evolving saga between billionaire entrepreneur <a href="https://twitter.com/elonmusk/status/1694255122409234470?s=20" rel="noopener noreferrer nofollow">Elon Musk</a> and the world of cryptocurrencies, <a href="https://u.today/can-dogecoin-doge-spark-long-awaited-altcoin-rally" rel="noopener noreferrer nofollow">Dogecoin (DOGE)</a> has once again found itself at the heart of a whirlwind of activity. Musk, known for his eccentricities and influential Twitter presence, sent shockwaves through the crypto market with a single tweet, igniting a frenzy around the meme-inspired coin. 
<blockquote class="twitter-tweet"> 
 X is a dog &amp; Doge friendly place!— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1694255122409234470?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 23, 2023</a> 
</blockquote> 
The effect was immediate and staggering. Trading data from <a href="https://u.today/binance-backed-the-weeknd-global-tour-comes-to-australia-new-zealand-details" rel="noopener noreferrer nofollow">Binance</a>, the world's largest crypto exchange, revealed an eye-popping 81,300% surge in DOGE trading volume against USDT within the span of just one minute. This astronomical increase translated to a jaw-dropping 40.379 million Dogecoins changing hands. Interestingly, a deeper analysis of the Buying Selling Volume indicator unveiled a distinct pattern: 25.69 million coins were snapped up by eager investors, while the remaining portion was swiftly offloaded. 
<img alt data-entity-type="file" data-entity-uuid="8fd64e77-2c68-4569-a5ed-f60dec6c2f60" src="https://u.today/sites/default/files/inline-images/DOGEUSDT_2023-08-23_15-23-39.png">Source: <a href="https://www.tradingview.com/x/iyGm9EnN/" rel="noopener noreferrer nofollow">TradingView</a> 
The aftermath of Musk's tweet propelled <a href="https://u.today/doge-and-shib-price-analysis-for-august-20" rel="noopener noreferrer nofollow">DOGE</a> to a 2.57% surge in quoted prices. Yet, this bullish momentum was short-lived as the cryptocurrency's value plummeted by a staggering 80% within a mere hour. 
This roller coaster ride serves as a stark reminder of the perils of relying on Musk's social media activity as a viable trading strategy. The recurring pattern observed in such instances has become a red flag for seasoned traders, suggesting a higher probability of losses. Adding to this complexity are lightning-fast trading bots that exploit these discernible trends with precision.

Elon Musk's Tweet Sets Dogecoin (DOGE) on Fire: Craze and Fade in Mere Minutes

U_Today

Other articles published on Aug 23, 2023

Binance Aims to Keep BNB Afloat Amid Bitcoin Sales: Report

SEC Enhances Oversight with Broker-Dealer Rule Amendments

Polygon's Nothing Phone Update Set to Launch Next Week

Web3 Stocks That Will Yield Sky-High Revenues for Investors

Atomic Wallet Faces a Lawsuit Filed by the Victims of a $100 Million Hack

BlockFi battles FTX, 3AC in court over repayment claims

Join our free newsletter for daily crypto updates!