Dogecoin Sees Minimal Reaction Following Elon Musk's Post

Through a series of posts that reference Dogecoin, Elon Musk continues to fuel speculation that he might join the Donald Trump administration if he wins the November US election.

Elon Musk made another post that references Dogecoin (DOGE), but the market reaction has been minimal.

Social activity surrounding DOGE has noticeably declined, indicating the post has not triggered much discussion.

Over the past 24 hours, DOGE’s trading volume has only increased by 3%, reflecting the waning market interest in the meme coin.

DOGE Price Analysis: Key Points

DOGE’s social dominance, which tracks the percentage of its online discussions compared to conversations about the top 100 cryptocurrencies by market capitalization, has maintained its downtrend. At press time, it sits at 0.37%.

When an asset’s social dominance drops, it is discussed less frequently on social media platforms. The drop in DOGE’s social dominance suggests reduced interest or hype in the meme coin despite Musk’s post.

DOGE’s technical setup on a one-day chart signals a potential reversal of its current uptrend. As of this writing, the coin is retesting its 20-day exponential moving average (EMA) at $0.10. If this level fails to hold, DOGE will shed its recent gains.

The above is the detailed content of Dogecoin Sees Minimal Reaction Following Elon Musk's Post. For more information, please follow other related articles on the PHP Chinese website!