Elon Musk Broke the Wave This Time: What’s Next for DOGE?

Dogecoin (DOGE), the popular meme coin and a fan of Elon Musk, made a strong move today. The background of this move was the allegations of an SEC filing regarding xAI. However, Tesla CEO Elon Musk said the AI ​​business ‘isn’t raising money’. Thus, Musk stopped the DOGE surge this time.

Elon Musk disrupted the DOGE wave this time!

As you follow from Kriptokoin.com, today was an important day for DOGE. With this and the influence of Elon Musk, it would move further north. However, Musk broke this wave again. The rise of Dogecoin (DOGE) began to reverse after technology entrepreneur Elon Musk said that his artificial intelligence startup xAI was “not raising money.” Thus, DOGE dropped by 1.1% to $0.10 in the last hour. As a result, it reversed some gains from the previous day’s 14% rally.

DOGE first began rising after an SEC filing showed xAI (called X.AI in regulatory filings) could seek to raise up to $1 billion and has already raised $134.7 million. DOGE has historically pumped through Musk’s comments and public posts, given Elon Musk’s love for the dog-themed meme token. In April, Elon Musk teased DOGE payments on X, then known as Twitter, and suggested Dogecoin as one of the payment options for the site’s premium-featured subscription service Twitter Blue. Musk’s electric car company, Tesla, already accepts DOGE payments for product purchases at the Tesla Store.

When will DOGE reach $0.7?

Crypto analyst Captain Faibik stated in his latest post that an “epic pump” is not far for Dogecoin. According to the attached chart he shared, the meme coin will rise to $0.7 in this predicted rally. This means DOGE gained over 900% in value. However, the analyst expects this move to occur in the first half of 2024. Elon Musk seems to have cut this wave for now. However, it is difficult to predict what the future will bring.

Source: Captain Faibik

From a technical analysis perspective, there seems to be a general bullish sentiment around Dogecoin. Recently, crypto analyst MonoCoinSignal has been highlighting how DOGE’s price has entered a key territory. He notes that this zone, among other indicators, is a sign that DOGE is on an upward path. The analyst nicknamed Jhonnybrah also hinted that a god candle may be coming for the price of DOGE.