The CEO of Tesla and the unofficial CEO of DOGE, Elon Musk
, has requested the Dogecoin community to submit ideas for the further development of the meme-coin. Mr. Musk went on to explain that ideas from the community, can be submitted through the r/Dogecoin subreddit forum or by tagging the @dogecoin_devs Twitter handle.Elon Musk made the request for the submission of development ideas to improve the Dogecoin project, through the following tweet.
In a response to the above Tweet, crypto community member Dave Lee asked Elon Musk why he preferred Dogecoin over other seasoned projects such as Ethereum, Cardano, Solana, Polkadot and IOTA. Mr. Musk replied by pointing out that Dogecoin had ‘dogs and memes, whereas the others do not’.
A screenshot of the Twitter conversation can be found below.
With respect to price action, Dogecoin is currently defending the $0.32 price area that also coincides with the 50-day moving average (white) as seen in the chart below. This is after the meme-coin dropped to a local low of $0.247 this past Sunday, potentially printing a double bottom with Wednesday’s low of $0.2111.
If the double bottom plays out, Dogecoin could be on a path towards retesting the $0.50 price area between today, and the first few weeks of June.
However, as with all altcoins, Dogecoin’s future in the crypto markets is tied to that of Bitcoin as witnessed through the last two dips mentioned above. The pullbacks to the low $0.20s were a result of BTC dipping to $30k
and $31,111 respectively.Therefore, Bitcoin needs to provide a stable market environment for Dogecoin to have a chance at regaining several support zones towards $0.50 beginning with $0.35.