- Dogecoin price is currently close to testing a crucial support level at $0.161.
- Elon Musk responds to a comment saying that his son is holding DOGE.
- The 2021 bull run gains might come undone if the $0.161 support shatters.
Dogecoin price has dropped massively since its peak in April. This steady decline is approaching a crucial demand barrier, a breakdown of which could lead to a cascading sell-off.
Elon Musk and his influence on cryptocurrencies
Tesla CEO Elon Musk has played a crucial role in appreciating the market value of Dogecoin and other meme coins. While his tweets used to send dog-themed cryptocurrencies soaring, lately, his influence seems to be fading away.
Musk responded to one of the comments saying, “Lil X” (referring to this son) is “holding his Doge like a champ. Literally never said the word “sell” even once!”
Although the mention of “Dogecoin” propped up DOGE price on July 17, the dog-themed cryptocurrency continued its descent soon after, hinting a huge selling pressure and the diminished influence of Musk over cryptocurrencies.
This comment follows a February 10 tweet where the Tesla CEO noted he bought some “Dogecoin for lil x.”
Bought some Dogecoin for lil X, so he can be a toddler hodler
— Elon Musk (@elonmusk) February 10, 2021
