Elon Musk's Latest Tweet Boosts Dogecoin By 4%: Is It Time To Buy DOGE?

Once again, the crypto world is abuzz today with another unexpected movement in Dogecoin's (DOGE) price, thanks to a tweet from the iconic Tesla CEO, Elon Musk. This has become a consistent phenomenon, where virtually every Elon Musk tweet hinting at or referencing Dogecoin prompts a flurry of activity from DOGE enthusiasts, regardless of the subtlety or directness of the tweet's content.

Timeline of Dogecoin

Tech entrepreneur and owner of X (formerly Twitter), Elon Musk has once again endorsed the meme cryptocurrency Dogecoin (CRYPTO: DOGE). What Happened: In a tweet on Wednesday responding to a post on X by Maye Musk, Elon said that “X,” is a DOGE friendly place.

Shiba Inu (CRYPTO: SHIB) has experienced a 4% increase in the past 24 hours, outperforming both Dogecoin (CRYPTO: DOGE) and Floki (CRYPTO: FLOKI). What Happened: The rise in SHIB's price comes after Shibarium, Shiba Inu's Layer-2 network, announced the impending relaunch of its enhanced network, stating it is “almost ready” to be reopened to the public.

A prominent Dogecoin core developer has recently voiced concerns over the potential transition of Dogecoin from its current Proof-of-Work (PoW) consensus mechanism to Proof-of-Stake (PoS). In fact, he has gone so far as to suggest that such a move might lead to their departure from the project.

Dogecoin (DOGE) has been one of the most popular cryptocurrencies in recent years, thanks in part to its meme status and Elon Musk's support. However, the coin has also been volatile, and its price has fluctuated wildly.

The crypto ecosystem is still struggling to get off its feet after a tumultuous trailing seven-day period that saw over $1 billion removed from the industry through liquidations. At the time of writing, the combined crypto market cap is still stagnating at $1.05 trillion, with hopes for revival now hinging on top altcoins like Dogecoin (DOGE), with known volatility and price swings.

In the daily time frame chart, Dogecoin shows an evident shift of a downward trend to sideways. Such price behavior reflects exhausted bearish momentum which leads to bottoming of a downtrend.

A connection between meme coins and popular social media platforms has altered how we perceive meme cryptos. Dogecoin (DOGE)'s playful attitude may find a new home and utility on X, formerly known as Twitter.

Bart Stephens, a pioneering force in the crypto industry and managing partner of Blockchain Capital, is suing an anonymous bad actor. Stephens claims he was the victim of a $6.3 million crypto hack resulting from a SIM-swap attack.

Deep-pocketed cryptocurrency investors are swiftly relocating massive amounts of Dogecoin (DOGE) as the premier memecoin makes a comeback from its lowest point this month. The blockchain-tracking platform Whale Alert was the first to detect these substantial Dogecoin transactions, amounting to a staggering 776,351,068 DOGE with a value of $48.47 million.

Amidst a whirlwind of rumors and speculations surrounding the future direction of DOGE's development, a prominent figure in the Dogecoin realm, Mishaboar, the core developer, has made a resolute stand against any potential transition to a Proof-of-Stake (PoS) consensus mechanism.