Elon Musk Mentions DOGE in a Tweet, Impact is Yet to be Seen

Twitter’s Chief Executive Officer (CEO) Elon Musk has shared a recent tweet with an enigmatic mention of his favorite digital currency, Dogecoin (DOGE). The tweet which has generated a lot of buzz in the community reads;

“Cry ‘Havoc!’ and let slip the Doges of war.”

Cry 'Havoc!' and let slip the Doges of war

— Elon Musk (@elonmusk) June 10, 2023

It is unclear what the basis of this tweet was or what the intention was but the community has reacted to the tweet just as every other one that has emanated from the biggest Dogecoin advocate. Since the tweet was shared in the early hours of today, it has generated more than 13.3 million views with a very decent number of reactions.

Based on precedence, this tweet and the reaction it has generated is enough to drive a bullish run in the price of the memecoin. However, at the time of writing, there has been no visible positive price surge for the cryptocurrency.

Dogecoin is currently changing hands at a spot price of $0.05966, down by 15.41% over the past 24 hours. The memecoin has joined the hoard of altcoins with a very bearish outlook over the past week where it has dropped 17.71%.

Beyond Elon Musk: Can the Market Get Reliable Triggers

From the failure of Dogecoin to recover following the tweet from Elon Musk, it has become obvious that the broader market needs more definitive triggers to chart a new and sustained recovery.

From the current outlook, the market may not be seeing such triggers as the negative sentiment is yet to be cleared. The lawsuits launched by the United States Securities and Exchange Commission (SEC) against Binance and Coinbase Exchange earlier in the week appear to be having more negative repercussions for the indicted tokens.

One of such negative moves is the decision by brokerage platform Robinhood to delist the trio of Cardano (ADA), Solana (SOL) and Polygon (MATIC) by the end of this month following their securities tag by the SEC. The market is yet to chart a recovery as the fears of more delisting actions from exchanges is still hanging in the air.