DOGE was mentioned by Twitter CEO Elon Musk in a cryptic tweet, but the memecoin’s price has yet to print a robust recovery.
Elon Musk, the chief executive officer (CEO) of Twitter, recently tweeted a cryptic reference to his favored digital currency, Dogecoin (DOGE). The tweet that has generated considerable interest in the community reads as follows:
“Cry ‘Havoc!’ and let slip the Doges of war.”
Cry 'Havoc!' and let slip the Doges of war
— Elon Musk (@elonmusk) June 10, 2023The community has responded to this tweet in the same manner as it has to every other tweet from the most prominent Dogecoin advocate. Since the tweet was posted in the early morning hours of today, it has received over 13.3 million views and a respectable number of responses.
Based on historical precedent, this tweet and its generated response are sufficient to drive a bullish price surge in memecoin. At the time of writing, however, there was no obvious price increase for the cryptocurrency.
The current market price of Dogecoin is $0.05966, a decrease of 15.41% over the past 24 hours. In the past week, memecoin has joined the horde of alternative cryptocurrencies with a bearish outlook, falling 17.71%.
Can the Market Acquire Trustworthy Sparks?
In light of the failure of Dogecoin to recover after Elon Musk’s tweet, it has become evident that the market requires more definitive catalysts to chart a new and sustained recovery.
As the negative sentiment has yet to dissipate, it is possible that the market has not yet experienced such stimuli. The litigation filed by the United States Securities and Exchange Commission (SEC) earlier this week against Binance and Coinbase Exchange has other adverse effects on the accused tokens.
One of these adverse developments is Robinhood’s decision to delist Cardano (ADA), Solano (SOL), and Polygon (MATIC) by the end of this month, following the SEC’s securities designation. The market has yet to trace a recovery as fears of additional delisting actions from exchanges persist.
