Elon Musk failed to provoke another growth of the Dogecoin meme token

The leading cryptocurrency meme token Dogecoin DOGE $0.10 Binance-Peg Dogecoin 3.82% Market capitalization $0.25 billion VOL. 24 hours $0.34 billion has sharply lost ground after a short-term rise triggered by Elon Musk’s hint of sending the token «to the moon.» Despite an initial 4% rise on Tuesday, the cryptocurrency ended the day down almost 5%, and the following sessions only deepened the decline.

At the time of publication, Dogecoin is trading around $ 0.9 085, which corresponds to a loss of more than 10% over the past day. The sell-off was accompanied by an increase in trading volumes, which indicates real pressure from sellers. The price tested the range of $ 0.08-$ 0.09, which analysts had previously identified as a key support zone.

The surge in interest in Dogecoin quickly faded, and the token failed to maintain its advantage over Bitcoin and Ethereum. The general weakness of the crypto market pulled other meme tokens down as well: Shiba Inu fell by almost 9.5% over the day, although its dynamics was not directly related to Musk’s comments.

Analysts note that investors are less and less responsive to Musk’s statements, which used to often provoke sharp jumps in the Dogecoin price. The current market reaction indicates fatigue from such impulses and caution about new rebounds.

The technical picture remains negative: Dogecoin is below all major exponential moving averages, which creates a tight resistance zone. A breakdown of the psychological level of $ 0.10 downward could increase sales and open the way for further decline in the range of $ 0.08-$ 0.09.