Why Dogecoin Rival Dogelon Mars (ELON) Is Falling Sharply Sunday

Dogelon Mars ELON/USD is trading lower by some 13.00% to $$0.0000003914 Sunday afternoon, potentially on profit taking. The meme crypto saw a peak for the week at around $0.0000005614 Saturday afternoon, a spike representing a jump of 134.50% off the trailing seven day low of $0.0000002394.

The timing of the push higher in the meme crypto appears to be highly correlated to Elon Musk's Twitter buyout, and is possibly a sympathy play to rival cryptocurrency Dogecoin DOGE/USD.

Also Read: So Would You Rather Get $50K Of Dogecoin Or A Brand New Tesla Model 3? 

So What's Happening?

Traders and investors who are most familiar with Dogecoin know all too well how correlated the price action of the cryptocurrency is to celebrity influence, including but not limited to tweets from Elon Musk.

Per our Benzinga team, sentiment in Dogecoin is turned bullish this week following news Tesla CEO Elon Musk's deal to purchase Twitter closed Friday.

Musk, who is a Dogecoin bull, has hinted at making Dogecoin the default currency for a potential Twitter wallet.

Musk snapped Twitter for $44 billion in a deal finalized. Musk plans to take over the role of Twitter CEO and reverse life bans, reported Bloomberg, citing a person familiar with the matter. He may remain CEO in the interim but is likely to give up the role in the longer term, as per the report.

Musk has terminated Twitter’s CEO Parag Agrawal and Chief Financial Officer Ned Segal, and legal affairs and policy chief Vijaya Gadde, reported Reuters, citing people familiar with the matter...Read More