Dogecoin’s value increased in 2021 as the cryptocurrency markets recovered, gaining popularity on social media and spurring the creation of additional coins with Shiba Inu dog themes.

In order to provide a framework for governance and support for the development of the project’s community, the Dogecoin Foundation was established in 2014. Elon Musk unusually favors DOGE over other cryptocurrencies.

Furthermore, even in the context of cryptocurrency markets, the price of Dogecoin fluctuates wildly because social media communities are to blame for notable price peaks and subsequent crashes that garner mainstream media attention.

Doge Price Prediction:

With the crypto market becoming increasingly volatile, the Dogecoin price recently fell from the $0.11 resistance level. As a result, the coin’s price has dropped 8-9% in the last four days, retesting the $0.093 and $0.09 support levels. The decline, accompanied by decreased volume, indicates a high likelihood of a bullish reversal, which may resume the previous recovery.

However, this Dogecoin supporter recently lost his position as the world’s richest man after the stock price of Tesla, a manufacturer of electric vehicles, experienced aggressive selling. Tesla’s stock price has dropped 12.8% in the last five days, and it now trades at $174.

Furthermore, the DOGE price has dropped similarly, losing 8-9% in the last four days. These losses clearly outnumber those of Dogecoin rival Shiba Inu, as well as market leaders Bitcoin and Ethereum.

As a result, Tesla’s demise could be one of the reasons for Dogecoin’s additional weakness.

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