For cryptocurrency traders and investors, a tweet from Elon Musk is gold. His tweets literally sway the crypto market trend--even dictating prices--while some leave people dumbfounded.
One particular tweet Musk posted on September 3 left people scratching heads. Musk, the ultimate "Dogefather" and the patron who has skyrocketed the meme cryptocurrency to a 11,000 percent rise in a year tweeted, said "Time is the ultimate currency."
News18 posted a news item attempting to explain what Musk meant, showing in its headline that the Tesla and SpaceX CEO thought "time" not Dogecoin is the ultimate currency.
Seeing this item, Dogecoin co-creator Billy Markus, with the Twitter handle Shibetoshi Nakemoto, tweeted a screenshot of the article showing the screaming headline: "Elon Musk Thinks 'Time,' Not Dogecoin, Is the Ultimate Currency."
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Musk saw the screenshot Markus shared on his Twitter feed and replied rather quite amusingly. He laughed it off, posting two rolling on the floor laughing emojis, revealing quite obviously that it wasn't what he meant by his tweet.
Twitter Users Assume Musk Tweet Derived from 2011 Sci-Fi Film
The article gave Twitter user assumptions that Musk's tweet, which has gained over 467,000 likes and 69,000 retweets, was derived from a dialogue in the 2011 sci-fi film "In Time," which starred Amanda Seyfried and Justin Timberlake.
Other users, mostly analysts and media practitioners, commented on the tweet considering their options on cryptos to invest in or even defining the essence of time. But thinking that Musk was discarding Dogecoin as the ultimate currency, crypto investor Matt Wallace remarked that Dogecoin is the ultimate digital token.
On Sunday, Dogecoin remained at a precarious level at $0.24, falling 0.03 percent in the last 24 hours, as per Coindesk.
With much volatility facing it, Dogecoin could get better lift from a clearer Musk tweet supporting its further rise.
As analysts assert, buyers should step in and bring Dogecoin back to the bullish levels it reached a week ago, before the September 7 flash crash that resulted from El Salvador's declaration to have Bitcoin as legal tender, Business Insider noted. This led to the cryptocurrency market to plunge 15 percent, and tokens such as Dogecoin to further fell by 31 percent.
Dogecoin Needs to Close Above $0.28 Daily to Allow 18% Surge
But for Dogecoin to shift to bullish, it needs to produce a daily close above $0.28 that should allow an 18 percent upswing to $0.328, FX Street posted. If the bullish sentiment persists, the 18 percent rise could reach a 30 percent surge to the $0.367 resistance barrier.
With this positive outlook, analysts expect Dogecoin to hit $1 even with the recent pullback, pleading with traders to become patient with the meme coin.
A good sign is the report that cryptocurrency investors have increased share of Dogecoin holdings from nine percent last year to 25 percent in August 2021. FX Street further quoted an industry report by blockchain data platform Chainanalysis, hinting at a massive boost towards the yearend.
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