In summary:
- Elon Musk has Tweeted a meme implying that a Dogecoin Standard is inevitable and DOGE will take over the global financial system.
- Musk’s tweet has resulted in DogeCoin (DOGE) gaining by over 20%.
- Elon Musk has been awarded the title of the unofficial CEO of DogeCoin due to his liking for DOGE.
Billionaire entrepreneur, Elon Musk, has been known for his particular liking for memes and regularly Tweets his favorite ones. His most recent one hints that DogeCoin (DOGE) will become the new standard in the global financial system. The tweet further hinted that the global financial dominance of DogeCoin is inevitable.
It’s inevitable pic.twitter.com/eBKnQm6QyF
— Elon Musk, the 2nd (@elonmusk) July 18, 2020
Elon Musk as the Unofficial CEO of DogeCoin
Due to his liking of DogeCoin, Elon Musk was unofficially appointed the CEO of the DogeCoin (DOGE) project back in April of 2019. This was after a poll was held and 49% of the respondents preferred the Founder of Tesla and Space X to a variety of other prominent individuals such as Ethereum’s Vitalik and Litecoin’s Charlie Lee.
Dogecoin might be my fav cryptocurrency. It’s pretty cool.
— Elon Musk, the 2nd (@elonmusk) April 2, 2019
He Who Controls the Memes, Controls the Universe & DogeCoin’s Price
Mr. Musk’s love for memes has gone as far as him declaring, albeit lightheartedly, that ‘he who controls the memes, controls the universe’.
Who controls the memes,
controls the Universe— Elon Musk, the 2nd (@elonmusk) June 26, 2020
In the case of DogeCoin, the meme by Elon Musk definitely had an effect on the price of DOGE. Before Elon Musk tweeted about DogeCoin becoming the new global financial standard, DOGE was experiencing sideways movement around $0.003. After the tweet, DOGE hit $0.0037 on Binance: a 23% increment in value in less than 24 hours.
Taking a second look at the daily DOGE/USDT chart, the following can be observed.
- DogeCoin’s price of $0.00344 is above the 50-day, 100-day and 200-day moving averages hinting at a possible continuation of bullishness from the effects of last week’s viral Tik Tok video.
- Trade volume is in the green but both the MACD and MFI hint at possible exhaustion for Dogecoin.
- However, with Elon’s tweet, there is a slight possibility of Dogecoin continuing on its upward trajectory.
- Dogecoin has the following resistance zones to contend with: $0.0037, $0.0040, $0.0043, $0.00477, $0.00487, $0.005, $0.00542 and $0.0055.