Dogecoin

Elon Musk

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 In a sudden surge, the price of Dogecoin (DOGE) experienced a vertical rise of 3% today, shooting up from $0.07 to $0.073 per DOGE in just one minute. The catalyst behind this explosive price action? None other than <a href="https://twitter.com/elonmusk/status/1680815158157877248?s=20" rel="noopener noreferrer nofollow">Elon Musk</a>, the enigmatic billionaire and notable figurehead of Tesla, SpaceX and Twitter. 
 <img alt="" data-entity-type="file" data-entity-uuid="c9d55404-8781-4426-8974-42d915f587c2" src="https://u.today/sites/default/files/inline-images/DOGE_1D_graph_coinmarketcap_0.jpeg">DOGE to USD by <a href="https://coinmarketcap.com/currencies/dogecoin/" rel="noopener noreferrer nofollow">CoinMarketCap</a> 
 Renowned for his playful interactions with the crypto community, Musk responded to a question on Twitter about his preference for cats or dogs with a simple yet impactful answer: "Doges." This seemingly innocuous response was enough to ignite a sharp pump in the price of the eponymous token. 
 <blockquote class="twitter-tweet"> 
 Doges— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1680815158157877248?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 17, 2023</a> 
 </blockquote> 
 Almost instantaneously, large volumes of trades flooded the <a href="https://u.today/elon-musk-shares-ad-revenue-heres-how-much-dogecoin-founder-made" rel="noopener noreferrer nofollow">DOGE</a> market, triggered by what seems to be automated buying bots meticulously programmed to seize any mention of Dogecoin by the self-proclaimed "Dogefather" himself, Elon Musk. 
 <a href="https://u.today/doge-price-analysis-for-july-16" rel="noopener noreferrer nofollow">card</a> 
 However, the pump proved to be short-lived. Merely a minute after the vertical candle appeared on the <a href="https://u.today/doge-price-analysis-for-july-16" rel="noopener noreferrer nofollow">DOGE price</a> chart, it deflated just as rapidly. Astonishingly, a mere three hours following the tweet, the price of Dogecoin plummeted by over 5% at one point, effectively eradicating the entire pump and leaving the token a couple of percentage points lower. 
 <h2 id="too-simple">Too simple</h2> 
 This unexpected reversal of events may serve as a cautionary tale, suggesting that attempting to trade <a href="https://u.today/dogecoin-doge-leads-meme-coin-rally-heres-why" rel="noopener noreferrer nofollow">Dogecoin</a> based on Musk's tweets or news is an exercise in futility. The patterns that emerge from such trades are all too predictable, making it increasingly likely that one would end up in the negative rather than profitably competing with lightning-fast trading bots, which effortlessly exploit such trends.
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Elon Musk's New Tweet Triggers Explosive Dogecoin (DOGE) Pump

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