{"id":303575,"date":"2023-04-08T02:00:47","date_gmt":"2023-04-07T20:30:47","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=303575"},"modified":"2023-04-07T18:20:25","modified_gmt":"2023-04-07T12:50:25","slug":"dogecoin-dependency-on-twitter-spurs-volatility-investors-concerned","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/dogecoin-dependency-on-twitter-spurs-volatility-investors-concerned\/","title":{"rendered":"Dogecoin: Dependency on Twitter spurs volatility, investors concerned"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">Elon Musk&#8217;s decision to remove Dogecoin&#8217;s logo caused its value to plummet by 23% in days.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">This sudden reversal in market dynamics has led to many questioning Musk&#8217;s intentions and the future of DOGE.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">In a twist of events, Elon Musk removed the Twitter dog logo that has become synonymous with Dogecoin [DOGE]. While all good things must come to an end, this particular ending has had a noticeable impact on DOGE&#8217;s value, causing concern among investors and enthusiasts alike.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"http:\/\/ambcrypto.com\/predictions\/dogecoin-price-prediction\" target=\"_blank\" rel=\"noopener\">Dogecoin&#8217;s [DOGE] Price Prediction<\/a> 2023-24<\/p>\n<hr \/>\n<h3><b>Away from the dog, back to the bird\u00a0<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">A few days ago, Twitter users awoke to find that Elon Musk had pulled another one of his trademark shocks by changing the blue bird emblem to that of a dog. The community surrounding Dogecoin and similar coins interpreted this as an endorsement, driving prices skyward.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The appearance of the Dogecoin logo on Twitter was just as sudden as its removal, and the reaction from users was equally swift. But while everything seemed to return to the way it was before, there was one notable exception: the price of <a href=\"http:\/\/ambcrypto.com\/dogecoin-bucks-the-trend-with-a-significant-price-increase-heres-how\/\" target=\"_blank\" rel=\"noopener\">Dogecoin<\/a>\u00a0did not follow suit.<\/span><\/p>\n<h3><b>Dogecoin value plummets<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The value of DOGE experienced a sudden spike on 3 April, coinciding with the logo change. However, the following days witnessed a shift in market dynamics, with sell pressure gaining prominence, and consequently, the value began plummeting. A glance at the price range tool reveals a drastic 23% drop in value as of this writing. Trading at around $0.8 at press time, the cryptocurrency has incurred a loss of over 3%.<\/span><\/p>\n<figure id=\"attachment_303585\" aria-describedby=\"caption-attachment-303585\" style=\"width: 1791px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/DOGEUSD_2023-04-07_11-41-49.png\"><img decoding=\"async\" class=\"size-full wp-image-303585\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/DOGEUSD_2023-04-07_11-41-49.png\" alt=\"Dogecoin daily timeframe price move\" width=\"1791\" height=\"723\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/DOGEUSD_2023-04-07_11-41-49.png 1791w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/DOGEUSD_2023-04-07_11-41-49-300x121.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/DOGEUSD_2023-04-07_11-41-49-1024x413.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/DOGEUSD_2023-04-07_11-41-49-768x310.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/DOGEUSD_2023-04-07_11-41-49-1536x620.png 1536w\" sizes=\"(max-width: 1791px) 100vw, 1791px\" \/><\/a><figcaption id=\"caption-attachment-303585\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The Relative Strength Index (RSI) line corroborated the sudden drop, signifying a rapid downfall of the bullish trend. As of this writing, the RSI line was on the cusp of breaching the neutral line and could sink further if the price kept falling. While the long and short Moving Averages have been providing support, it remains to be seen how long they could sustain this.<\/span><\/p>\n<h3><b>Reversals in other metrics<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">On 6 April, the 30-day Market Value to Realized Value ratio (MVRV) stood at 2.48%, indicating a healthy valuation of Dogecoin. However, the scenario took a U-turn in just three days, with the MVRV dropping drastically below the zero line to around -0.77%.<\/span><\/p>\n<figure id=\"attachment_303586\" aria-describedby=\"caption-attachment-303586\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Dogecoin-DOGE-11.44.47-07-Apr-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-303586\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Dogecoin-DOGE-11.44.47-07-Apr-2023.png\" alt=\"DOGE MVRV\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Dogecoin-DOGE-11.44.47-07-Apr-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Dogecoin-DOGE-11.44.47-07-Apr-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Dogecoin-DOGE-11.44.47-07-Apr-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Dogecoin-DOGE-11.44.47-07-Apr-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Dogecoin-DOGE-11.44.47-07-Apr-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Dogecoin-DOGE-11.44.47-07-Apr-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-303586\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the <a href=\"http:\/\/ambcrypto.com\/calculator\/dogecoin-profit-calculator\" target=\"_blank\" rel=\"noopener\">Dogecoin Profit Calculator<\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">In addition to the price and MVRV, the volume metric also witnessed a stark reversal. Previously, the volume had surged to approximately 170,000, but it has dropped to around 130,000. The drop suggested that the buying pressure had weakened, and sellers had gained control, leading to a decline in demand for <a href=\"http:\/\/ambcrypto.com\/dogecoin-doge-short-term-investors-could-gain-but-only-if\/\" target=\"_blank\" rel=\"noopener\">Dogecoin<\/a>.<\/span><\/p>\n<figure id=\"attachment_303587\" aria-describedby=\"caption-attachment-303587\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Dogecoin-DOGE-11.46.39-07-Apr-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-303587\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Dogecoin-DOGE-11.46.39-07-Apr-2023.png\" alt=\"DOGE volume\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Dogecoin-DOGE-11.46.39-07-Apr-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Dogecoin-DOGE-11.46.39-07-Apr-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Dogecoin-DOGE-11.46.39-07-Apr-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Dogecoin-DOGE-11.46.39-07-Apr-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Dogecoin-DOGE-11.46.39-07-Apr-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Dogecoin-DOGE-11.46.39-07-Apr-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-303587\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">In another recent turn of events, a group of <a href=\"http:\/\/ambcrypto.com\/dogecoin-doge-elon-musk-cites-this-reason-to-dismiss-258-billion-lawsuit\/\" target=\"_blank\" rel=\"noopener\">Dogecoin<\/a> investors filed a lawsuit against Elon Musk, alleging that he had promoted DOGE as a Ponzi scheme. Elon, on the other hand, has maintained his innocence. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Elon Musk&#8217;s decision to remove Dogecoin&#8217;s logo caused its value to plummet by 23% in days. This sudden reversal in market dynamics has led to many questioning Musk&#8217;s intentions and the future of DOGE. In a twist of events, Elon Musk removed the Twitter dog logo that has become synonymous with Dogecoin [DOGE]. While all<a href=\"https:\/\/ambcrypto.com\/dogecoin-dependency-on-twitter-spurs-volatility-investors-concerned\/\">Continue reading <span class=\"sr-only\">&#8220;Dogecoin: Dependency on Twitter spurs volatility, investors concerned&#8221;<\/span><\/a><\/p>\n","protected":false},"author":70,"featured_media":303589,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-303575","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Dogecoin: Dependency on Twitter spurs volatility, investors concerned - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Elon Musk is playing games with the Dogecoin community by adding and removing the dog logo, which caused DOGE to decline in value.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/dogecoin-dependency-on-twitter-spurs-volatility-investors-concerned\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dogecoin: Dependency on Twitter spurs volatility, investors concerned - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Elon Musk&#039;s decision to remove Dogecoin&#039;s logo caused its value to plummet by 23% in days. 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