The DOGEfather is back to push the memecoin back up after weeks of bearishness. Elon Musk, who recently reassured the community, tweeted his support for Dogecoin. As expected, the same caused bullishness for DOGE.

DOGE-y takes a leap

Trading at $0.05 or 5 cents, DOGE hasn’t shown much promise as an asset. And while the broader bearish market has dampened the growth of many cryptocurrencies, Dogecoin has been disappointing its investors since May 2021.

After the cryptocurrency’s ATH, it has not stopped falling in the charts. At the moment, DOGE is barely even recovering from its all-time low since June 2021.

Dogecoin price promotion | Source: TradingView – AMBCrypto

During the recent 32% crash, DOGE fell into the oversold zone and has been slowly moving back up since then. The same spiked today, along with the price action, at 7.77% following the Tesla CEO’s comment.

However, it’s not every DOGE-related announcement that causes a rise. Evidence of the same lies in the fact that DOGE, despite gaining the attention of the basketball community after the memecoin backed the Big 3 league team Aliens, failed to rally as strongly on June 13 as it did on June 19. .

Musk’s influence even managed to counteract the effects of the broader market, resulting in a rally despite the altcoin’s volatility hitting a 45-day low.

Dogecoin’s volatility | Source: Intotheblock – AMBCrypto

That said, investors shouldn’t really have high expectations. Especially since this temporary spike won’t be able to bear the weight of invalidating the slumping market.

Rising fears in the crypto market have resulted in a consistent depreciation of Dogecoin’s market value, pushing it to its all-time low.

Dogecoin market value | Source: Santiment – ​​​​AMBCrypto

Some real DOGE fans here…

Regardless, a loyal group of DOGE holders remains unaffected by the developments of the market and continues to contribute to the growth of Dogecoin’s long-term holder cohort.

The addresses, which had been in stock for more than six months, did not let go of their grip even when the market was hit by two crashes. In fact, they are currently admitting a dominance of over 34.5% of the total supply.

Similarly, the 12-18 month group grew from 4% to 7% in two months.

Distribution of Dogecoin Supply | Source: Intotheblock – AMBCrypto

So while today may have been fruitful for Dogecoin, bringing the coin to 10 cents is not enough. For that, it might need a bigger push from Elon Musk or it might need more support from the wider market.

This post Musk speaks for Dogecoin [DOGE] again, but is that enough for push to 10 cents

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