Tesla CEO and Dogecoin supporter Elon Musk commented on the Dogecoin co-founder’s tweet. Elon Musk believes DOGE has potential as a currency, fueling bullish sentiment among investors. Dogecoin price is on the way to recovery and meme coin has gained nearly 4% overnight. Analysts believe the bears are exhausted and DOGE can recover from its decline.
Elon Musk’s feelings towards Dogecoin remain unchanged!
Tesla CEO Elon Musk recently made a bullish statement about the meme coin project Dogecoin, despite the bloodbath across the market. In response to a tweet from Dogecoin co-founder Billy Markus, Elon Musk stated that DOGE has the potential to become a currency.
Elon Musk loves the meme coin project and continues to rise in this regard. The billionaire CEO of Tesla has identified the potential in DOGE and believes the meme coin has the characteristics of a currency. The tweet received a positive response from the DOGE community, and Dogecoin advocates are on the rise for the meme coin.
As you can follow from the news ofKriptokon.com, the crypto market is trying to get out of the bloodbath. The recent crypto quake has shaken the prices of most cryptocurrencies, including the Shiba-Inu-themed cryptocurrencies DOGE and SHIB. Dogecoin struggled to recover from the correction. However, analysts have detected signs of a bearish divergence in Dogecoin.
“The bears are out, meme coin will start to recover soon”
On the other hand, according to crypto analyst Ekta Mourya, Dogecoin price could likely wipe out recent losses and make a full recovery. The analyst thinks that DOGE gained about 4% overnight and the meme coin is on its way back.
Another key factor that has made the community feel bullish is the high volume of DOGE held by whales and investors on exchanges. Robinhood owns 30.97% of the circulating supply of meme coin on behalf of its investors.
Analysts believe that Dogecoin’s downtrend has peaked and the bears are exhausted. Analysts believe DOGE has a chance to recover; however, the asset could retest support from $0.078 to $0.087. On the other hand, they also remind us that if the bloodbath continues, the DOGE may drop rather than start to improve.
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