You could have easily been forgiven for thinking that Elon Musk‘s love affair with Dogecoin would be a short-lived one, however, the world’s richest man continues to tweet about the cryptocurrency as he seemingly controls the price of the market by himself.
The whole crypto market was seeing positive gains this week which may have prompted Musk to believe that this was another perfect time to tweet about DOGE to let his followers know that this coin is still going to the moon. Musk sent another amusing tweet out which saw the symbol of DOGE, on the moon taking its territory. Here is this tweet below.
The term ‘moon’ is a commonly used term in cryptocurrency as it refers to the price of a coin going so high that it reaches the moon. This is particularly apt with small altcoins like DOGE as there is more potential to see unbelievable gains in price.
The natural question to ask is how far can Musk’s support take the price of Dogecoin? The important thing to consider is that his support is fundamental to the price of DOGE which makes it one of the more risky investments which is why we always recommend that it represents a fraction of your portfolio.
However, with Musk’s involvement, it makes it one of the most fun coins to trade due to the fact that when he sends out a tweet there is almost always a significant surge in price, therefore when the price dips again it is always good to invest and wait for another Musk tweet and then watch your portfolio explode.
