Twitter was just getting bustling with tweets from the world's richest man, Elon Musk. He recently made several tweets regarding one of the cypto currencies, DOGE.
His first tweet was seen at 14:35 WIB containing only the words "Doge". After that the price went up quite significantly due to the response from Twitter users.
After that he made a few more statements via Twitter via pictures and a few words in favor of DOGE's price going higher.
After its first tweet, DOGE's price went up by around 25% in just 30 minutes. As a result of several new tweets, DOGE's price went up again.
The estimate for the entire appreciation is around 50% which makes the coin reactivate after several days of looking stagnant consolidating.
Unfortunately over time, 45 minutes after appreciation took place, the next 15 minutes were filled with selling pressure.
As of 15:45 WIB, selling pressure has been recorded at around 20%. This pressure indicates how volatile DOGE is, so investors and traders should remain vigilant.
However, it seems that until now DOGE is still getting support from Elon Musk due to one of his statements on Twitter, namely,
"DOGE is the people's crypto currency!"
However, it is still possible that all of these things were hacks making for a pretty sharp correction.
This is due to Elon Musk's Twitter tweets, which are some of the most frequent tweets in the near future, which are not characteristic of Elon Musk in general.
Until now there has been no confirmation as to the previous result Elon Musk also said he wanted to take a break from Twitter.
But, overall DOGE is indeed one of the cryptocurrencies that Elon Musk often talks about.
Even though there is support from the richest person in the world, DOGE is still classified as very volatile with a very small market capitalization.
As a result, the cryptocurrency still has the opportunity to be manipulated quickly, unlike Bitcoin which also has the support of Elon Musk.
At the moment, Bitcoin seems to be still up after the sentiment from Elon Musk who expressed his support for the cryptocurrency.
Therefore, while both have the support of Elon Musk, the lower risk and the safer seems to be in Bitcoin.
This is because Bitcoin is still at $ 38,000 due to its large market capitalization, so the price is not easily "slammed" like DOGE.
However, if investors and traders still want to keep up with the volatility of DOGE, there are a few things to keep in mind such as using “cold” money and risk management.
