Extremely popular cryptocurrency dogecoin (DOGE) had recently been the subject of discussion of a high-profile trader, Peter Brandt.
While giving his analysis of DOGE in a tweet, Brandt said on 30th October that DOGE has been successful in ending the bear market. According to him bearish was prevailing in DOGE’s market since May last year.
He then published another tweet message in which he warned the investors. In his warning he clarified that ending of bearish does not automatically mean that DOGE’s market has gone bullish.
Bullish Signal Is Not Automatic
Brandt advised investors to be cautions and refrain from being a victim of common mistake because markets don’t get bullish on their own.
In his second tweet message Brandt said that novice traders might assume the end of bears as an indication of bullish which is not.
His tweet got a lot of replies and responses from the public. Some of the responders suggested that ending of bearish could be false. However, only consolation period would give true picture of where DOGE would be heading in future.
While there was another set of responders who suggested that the bearish end has perhaps been due to ‘Elon effect’. They were of the view that the effect has stemmed from the acquisition of Twitter by the CEO of Tesla.
Elon Musk’s Twitter Acquisition Effect
It is a fact that soon after the Twitter was acquired by Elon Musk, the price of DOGE began to mounting. Musk, who is often regarded as the ‘Dogefather’, sealed the acquisition of Twitter on 27th October, 2022.
Even in the past, price boost has been seen for DOGE whenever Musk landed its support to the popular meme coin.
In the past, Musk was seen revealing that he owned several cryptocurrencies and that his crypto holding includes DOGE along with Ethereum and Bitcoin.
Similarly, in June this year, at another occasion Musk said that no matter what happens, he will continue to support DOGE. He even suggested that he would never stop purchasing DOGE because the coin has huge potential.
Tesla, of whom Musk is the CEO, also accepts DOGE payments made by the purchasers of specific Tesla merchandize.
DOGE Support
While on the other hand, Musk’s Boring Company allows potential buyers to take a ride on the Tesla car against DOGE payments.
While acquiring Twitter, Musk said that he was hoping to further improve the globally popular social media platform. DOGE proponents are expecting that Musk would definitely utilize DOGE for bringing in the promised improvement.
At an occasion in May this year, Musk had endorsed Mark Cuban’s concept of getting rid of spam on Twitter through DOGE.
At presently, DOGE’s average movement is going up by 95% although it recently tasted the 9% value decline on 30th October, 2022.