Elon Musk’s Influence on Dogecoin (DOGE) Decoupling: A Deep Dive into Crypto Trends

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Dogecoin (DOGE) has outperformed other cryptocurrencies in the last 24 hours, with a price surge of over 7%.
Despite the bearish trend in the crypto market, DOGE managed to decouple and maintain a bullish stance.
Market indicators and metrics support this uptrend, possibly influenced by Tesla’s recent announcement regarding DOGE.

Dogecoin bucks the bearish trend in the crypto market, surging by over 7% in the last 24 hours. This article explores the factors behind this bullish trend and what the future holds for DOGE.

Dogecoin Remains Bullish

While top coins like Bitcoin (BTC) and Ethereum (ETH) experienced marginal movement, Dogecoin defied the market trend with a significant price increase. Currently, DOGE is trading at $0.1616 with a market capitalization of over $23 billion, making it the eighth-largest cryptocurrency. The surge in DOGE’s trading volume has acted as a foundation for this bull rally, possibly influenced by Tesla’s recent announcement that DOGE can now be used to purchase more Tesla products.

Impact of Tesla’s Announcement

Following Tesla’s announcement, Dogecoin’s social metrics saw an increase. Data from Santiment revealed that DOGE’s Social Volume spiked and its Weighted Sentiment improved, indicating a dominant bullish sentiment in the market. Elon Musk, Tesla’s CEO, has a history of influencing Dogecoin’s pric... Read the full article for FREE at COINOTAG!