Elon Musk Tweets About Dogecoin But Meme Coin's Price Refuses To Budge: What's Going On?

Dogecoin DOGE/USD traded 2.13% lower at $0.16 over 24 hours leading up to early Monday morning.

What’s Moving? The meme cryptocurrency has fallen 0.83% over a seven-day trailing period.

Against major cryptocurrencies, Bitcoin and Ethereum, DOGE fell 1.55% and 0.18% over 24 hours, respectively. 

Since the year began, DOGE has shot up 2804.75%. It has fallen 29.99% over a 90-day period and lost 35.68% of its value in the last 30 days.

DOGE touched an all-time high of $0.74 in May. At press time, it traded 77.63% below that level.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE traded lower in tandem with other major coins as the global cryptocurrency market capitalization fell 0.91% to $2.24 trillion.

DOGE was included in the list of “Top 10 Mentions” on Twitter compiled by Cointrendz at press time. It attracted 1,492 tweets. 

The top three mentioned coins were Bitcoin, Solana, and Ethereum. They attracted 8,356, 4,236, and 3,719 tweets respectively. 

Some cryptocurrency analysts are calling a Bitcoin bottom even though concerns surrounding Omicron, the latest variant of COVID-19, persist. 

The key support level for DOGE is 16 cents, while it faces resistance above at 19 cent and 21 cent levels, wrote Benzinga’s Melanie Schaffer.

Dogecoin-focused Twitter handle Mishaboar said on Twitter that the main concern surrounding the meme coin was the low number of transactions conducted rather than the price action. 

Mishaboar’s tweets caught the attention of Dogecoin core developer Ross Nicoll who said that if the concern regarding empty blocks would go away that would be nice. 

Also the concern about empty blocks (which are simply blocks with no overflow from the previous block) would go away, which would be nice https://t.co/rSu2tA6IMF

— Ross Nicoll 🎩 (@JRossNicoll) December 12, 2021

Meanwhile, Dogecoin bull and Tesla Inc TSLA CEO Elon Musk indicated support for a Cybertruck electric vehicle featuring a DOGE logo over the weekend.

On Sunday, Musk agreed with Dogecoin co-creator Billy Markus on Twitter that Dogs are Awesome.

True �

— Elon Musk (@elonmusk) December 12, 2021

Read Next: EXCLUSIVE: Dogecoin Millionaire Is Now A Floki Inu Viking: Here's Why He Loves FLOKI!