Even the fact that Musk proposed to accept DOGE as a payment for special Twitter services did not help the meme.
Analyst points to the fall of DOGE despite the support of Elon Musk.
The DOGE altcoin began the week falling 9.5% to 0.14 per coin. Currency.com analyst Rakesh Upadhyay believes that this decline despite the support of Tesla CEO Ilon Musk, a major meme-coin fan, signals that his opinion will soon stop influencing the price of this cryptocurrency.
Last week, Elon Musk became Twitter’s largest shareholder after acquiring a 9.2 percent stake in the social network. On April 11, it became known that he would not join the board of directors, and Twitter shares fell in price by 1% at the opening of trading in the U.S.
DOGE also fell, although Musk immediately after the news of his share purchase offered to accept DOGE as payment for Twitter’s special services.
According to Upadhyaya, the fact that DOGE is not responding to Musk’s Twitter statements as it used to, means that the correlation between the businessman’s support and the coin’s price is declining.
Now, the analyst says, if the DOGE drops to $0.13, it will continue to fall to $0.1.
At the same time, if buyers manage to raise DOGE to $0.18, the growth to $0.23 is possible.