Dogecoin no longer skyrocketing after Elon Musk posts
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The community has become divided over this lack of momentum, and many have criticized the meme-based cryptocurrency's recent price performance.has been steadily declining for a number of months, as can be seen from the chart. With the 200-day EMA serving as a major barrier, the price has found it difficult to break above important moving averages. on social media indicates that the market's perception of Dogecoin has changed.
But the community's method of depending on endorsements to drive price changes has grown in the last few months. Because they are sick of the ephemeral pumps, investors are starting to demand more stable price action grounded in sound fundamentals, as opposed to celebrity tweets. Thus, part of the reason why Musk's influence is not as strong as it once was is the state of the cryptocurrency market as a whole.
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