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Elon Musk Mentions Dogecoin Again — Is The Meme Coin About To Rally?
Elon Musk expressed his support for Bitcoin and Dogecoin on X, highlighting Bitcoin's reliance on energy as protection against the debasement of fiat currency. He also gave a "💯" to a user who mentioned Dogecoin's energy basis. Despite Musk's endorsements, the market response was subdued, with both Bitcoin and Dogecoin experiencing declines. This muted reaction occurred amidst broader crypto market risk aversion, which impacted price. Simultaneously, there were Dogecoin-related developments, including House of Doge's planned Nasdaq listing and CleanCore Solutions' increased DOGE holdings. Representative Matt Gaetz also stirred conversation by suggesting Dogecoin could become a global utility token. Previously, Musk's tweets about Dogecoin caused price surges, indicating a price sensitivity to his posts. In contrast to those past events, this time there was no significant market movement. The absence of a tangible product or policy announcement, combined with the general market downturn, contributed to the limited impact. Markets now distinguish between the tone of his posts and real-world transactions.
