Dogecoin Gets 2nd Elon Musk Boost In A Row: Tesla CEO Says 'Responding' To People

Dogecoin DOGE/USD traded 5.5% higher at $0.06 over 24 hours leading up to early Tuesday morning. DOGE rose along with other major coins as the global cryptocurrency market cap shot up 4.8% to $966 billion.

The DOGE Factors

• DOGE was not among the most mentioned coins on Twitter at press time, according to Cointrendz data.
• The 24-hour trading volume for DOGE fell 41.2% to $527,398,037 according to data from CoinMarketCap,
• Coinglass data indicated that $1.2 million worth of DOGE were liquidated over 24 hours as the price of the meme coin declined.
• The relative strength index for DOGE was 39.91. An RSI below 30 indicates oversold conditions, while an above-70 RSI indicates overbought conditions.

Musk Reaffirms Support For DOGE

Tesla Inc TSLA CEO Elon Musk re-affirmed support for DOGE over the weekend in a tweet. He said he will “keep supporting” the meme coin. 

Musk double-downed his support on Tuesday in an interview at the Qatar Economic Forum in Doha. "A lot of people who are not that wealthy have encouraged me to buy and support Dogecoin," said Musk, reported Bloomberg. He added, “I’m responding to those people." 

"Tesla accepts DOGE for some merchandise and SpaceX will do the same and I intend to personally support Dogecoin," said Musk. 

DOGE has gained 14% over the last seven days, even as major coins like Bitcoin and Ethereum tumbled 6% and 4% in a similar period, according to CoinGecko data.

Crypto House Of Cards Crumbling, Says Palmer

Dogecoin co-creator Jackson Palmer said if you imagine cryptocurrencies as a house of cards then “some of the cards at the bottom of that have started to crumble.”Palmer also compared investing in cryptocurrencies to a roulette table.

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