Musk speaks for Dogecoin [DOGE] again, but is that enough for push to 10 cents

The DOGEfather is again to pushing the memecoin up once more after weeks of bearishness. Reassuring the neighborhood lately, Elon Musk tweeted his help for Dogecoin. As anticipated, the identical triggered bullishness for DOGE. 

DOGE-y takes a leap

Trading at $0.05 or 5 cents, DOGE hasn’t proven numerous promise as an asset. And, whereas the broader market bearishness has subdued the expansion of many cryptocurrencies, Dogecoin has been disappointing its traders since May 2021.

After the crypto’s ATH, it hasn’t stopped falling on the charts. In reality, at this second, DOGE is barely recovering from its lowest-ever level since June 2021.

During the latest 32% crash, DOGE fell into the oversold zone and it has since been slowly making its method again up. The identical spiked right now, together with the value motion, by 7.77% following the Tesla CEO’s remark.

However, it is not any and each DOGE-related announcement that induces a hike. The proof of the identical lies within the reality that regardless of gaining the eye of the basketball neighborhood after the memecoin backed the Big 3 league crew Aliens, DOGE failed to rally on 13 June as considerably because it did on 19 June.

Musk’s affect even managed to counter the broader market’s results, leading to a rally, regardless of the altcoin’s volatility being at a 45-day low.

Dogecoin’s volatility | Source: Intotheblock – AMBCrypto

That being stated, traders shouldn’t actually construct any excessive expectations. Especially as this momentary spike won’t be able to bear the burden of invalidating the slumping market. 

Increasing concern within the crypto-market has resulted in constant depreciation of Dogecoin’s market worth, bringing it to its lowest-ever level.

Dogecoin market worth | Source: Santiment – AMBCrypto

Some actual DOGE followers right here…

Regardless, a loyal bunch of DOGE holders stays unfazed by the market’s developments and proceed to contribute to the expansion of Dogecoin’s long-term holder cohort.

The addresses, which have held their provide for greater than six months, didn’t loosen their grasp even because the market was hit with two crashes. In reality, they at present admit dominance over 34.5% of all the provide.

Similarly, the 12-18 months group additionally grew its authority from 4% to 7% within the span of two months.

Dogecoin provide distribution | Source: Intotheblock – AMBCrypto

Thus, whereas right now might need been fruitful for Dogecoin, it isn’t enough to take the coin up to 10 cents. For that, it’d want a much bigger push from Elon Musk or may have extra help from the broader market.