The Dogecoin price was stuck in a narrow range over the weekend and into Monday, oscillating between USD 0.36 and USD 0.37 for most of the time. Crypto investors laid it on thick for Elon Musk in hopes that a social media campaign will spark a buying spree, but it appears to have taken bitcoin to flip the markets green.
The hashtag ‘We Love You Elon’ is trending on Twitter, with more than 67,000 tweets since Sunday night. The movement, which was started by Dogecoin bull and YouTuber Matt Wallace, was designed to show gratitude to the Tesla chief for being the ‘Doge Father,’ as the crypto community refers to him. And while it didn’t translate to gains in the market, bitcoin bull Michael Saylor had it covered.
The social media campaign captured the attention of Musk, who has shown his appreciation for the Twitter movement. The Tesla chief in true Dogecoin form responded with, “Wow, thanks!” to one of Wallace’s tweets and with hearts to another by Owen Sparks, a TSLA shareholder.
Dogecoin’s internet meme mascot, a Shiba Inu Japanese breed dog named Doge, is known for two-word whimsical phrases such as “very Doge” and “much currency.” Despite Musk’s engagement with the Dogecoin community, the price didn’t budge much from USD 0.37 throughout the campaign, though it did remain stable.
Little Price Movement
Over the weekend, the DOGE price remained stalled with much of the broader cryptocurrency market. After meandering between positive and negative territory on Monday, Dogecoin has finally flipped green, but it appears to have more to do with the rising tide of bitcoin lifting all top-10 crypto boats.
MicroStrategy chief Michael Saylor announced that his company has proposed a private offering of USD 400 million senior secured notes to buy more bitcoin. Saylor is famous for buying the bitcoin dips, and the company now has a war chest of more than 92,000 BTC and counting.
Meanwhile, the ‘We Love You Elon’ campaign ultimately muscled its way into the leading hashtag in some countries and rounded out the top five rankings in the United States. It usually doesn’t take much for the DOGE price to rally. The sixth-biggest cryptocurrency has increasingly become part of the crypto conversation and is often compared to its larger peer, bitcoin. Whether or not a potential flippening is in the cards is another matter altogether.
This article was originally posted on FX Empire