Oh No, Not Again! DOGE Crashing After Elon Musk’s Twitter Boot
It looks like Elon Musk has done it again. After months of promoting and hyping the cryptocurrency Dogecoin (DOGE), the Tesla and SpaceX CEO decided to pull the plug on his recent Twitter tipping bot.
The Bot to Blame
The tipping bot in question was a resource for Dogecoin users on Twitter to easily send each other tiny amounts of cryptocurrency. This meant that with the click of a button, people could send a fraction of a penny in DOGE with no or minimal fees.
The Ripple Effect
Following the termination of the tipping bot on Twitter, the price of Dogecoin has been in free-fall. Many traders and investors are pointing the finger at Musk, citing his Twitter-based promotional activity as the ‘entrance of the bulls’.
What Happens Now?
Now that the Dogecoin market has been hit hard by both Elon Musk’s Twitter tip bot announcement and the crash in DOGE prices, many are wondering what will be the next step.
The following scenarios could happen:
- Dogecoin Goes To Zero: The least optimistic view that due to the lack of support from Musk, Dogecoin prices could crash to zero.
- Dogecoin Stabilizes: The Dogecoin market could follow a healthy pattern of trading and the DOGE asset could stabilize at a ‘new normal’ price.
- Dogecoin Recovery: The Dogecoin market could recover and reach some of the highs of early May 2021.
Conclusion
Regardless of what scenario comes to pass, the future of Dogecoin will remain uncertain until further news is released. The market conditions have changed drastically in the last few days, so we should all prepared to expect the unexpected.
Remember: never invest money you’re not prepared to lose!
