Latest Elon Musk Tweet Causes Dogecoin to Surge

The price of Dogecoin has gone up again in recent weeks thanks to newfound assistance from Elon Musk, the South African billionaire and CEO of companies like Tesla, SpaceX, and now Twitter.

Timeline of Dogecoin

Although the meme cryptocurrency Dogecoin (DOGE) is recording losses on multiple charts, its community still holds a bullish attitude and expects the digital asset to conclude the third month of 2023 with a significant increase to its current price.

Crypto network vulnerabilities remain at large in 2023 after a disastrous 2022. In the latest edition, a security research team revealed massive risks at Dogecoin, Litecoin, and Zcash, with developers warning of additional risks.

Dogecoin (DOGE), the cryptocurrency that powers the decentralized payments-focused Dogecoin blockchain, has slumped during Wednesday's US trading hours. The sell pressure began after DOGE failed to break above its 21-Day Moving Average (DMA) in the mid-$0.070s, and after a failed attempt on Tuesday to retest the 200DMA around $0.079. Near-term price predictions have subsequently become more bearish.

Halborn, a blockchain security firm, has discovered a vulnerability on Dogecoin and over 280 other networks. The security firm Halborn identified “several critical and exploitable” vulnerabilities in the open-source code of Dogecoin.

Litecoin rose by as much as 15% in Tuesday's session, as markets reacted to the latest inflation report from the United States. Figures from the monthly Consumer Price Index showed that inflation has fallen to 6% in February, down from 6.4%. Dogecoin was also higher on the news, extending recent gains.

Dogecoin (CRYPTO: DOGE) co-founder Billy Markus — popularly known as Shibetoshi Nakamoto — has fiercely criticized modern financial markets, dubbing them as “insane stupidity." What Happened: In a tweet on Monday, Markus said, “Please always remember that every single thing about modern financial markets is batsh*t insane stupidity.

Dogecoin registered gains of 9.4% within the 12 hours preceding the time of writing. This was a trend across the crypto market, but this move brought many altcoins right into a zone of resistance.

Floki (CRYPTO: FLOKI) surged 14% in the last 24 hours, beating the top five meme coins by market capitalization. What Happened:  The rally in Floki's price was sparked by the integration of several DeFi platforms to the FlokiFi Locker Protocol.

Dogecoin price analysis for March 12, 2023, shows the meme cryptocurrency following an increasing movement for the last 48 hours. The price rose from 0.0626 to $0.0685 on March 11, 2023.

The price of Dogecoin (DOGE), at press time, was down another 1.7% over the last 24 hours. In fact, DOGE has also fallen by almost 10% on the weekly front, dropping to a two-month low of $0.073.