A Bitcoin bull and pseudonymous analyst of the cryptocurrency who is largely followed has anticipated that it has been pre-determined in the programming of Dogecoin (DOGE) that it would diminish to $0.05, and the CEO of Tesla, Elon Musk, would not be able to sustain it. The analyst who has the pseudonym Tyler Durden on social media presented a chart in one of his posts that showed the price of Dogecoin forming a pattern of head and shoulders as containing three peaks and the middle of which was the highest indicating the two sides resemble the shoulders. The purpose of posting the graph was the point that the value of Dogecoin repeatedly collapses down to the baseline after the short-ups caused by Musk’s tweets.
Currently, the value of Dogecoin is much lower at $0.187 than the highest in May this year at $0.70. Following the show “Saturday Night Live” being hosted by the CEO of Tesla Elon Musk, the interest in cryptocurrency spiked to the sky.
Durden, in his tweet, referred to Musk by saying that Tesla’s CEO has frequently tweeted in favor of DOGE to assist it in gaining public attention and investment. Earlier, the position of Dogecoin was clarified by Musk, in response to a question regarding his propagation o his two firms over social media asked by a user, disclosing that he will not be able to take action against anyone as no one is accountable in front of him due to cryptocurrency not being a formally established organization. Elon Musk has been referred to as the CEO of Dogefather over the time of approximately past few months by the entrepreneur.
Musk has formed linkages with the developers of Dogecoin for discussing the development and progress of cryptocurrency. He has even invited his followers, which are more than 56 million on the microblogging platform, to submit their viewpoints assisting DOGE development. A little bit before his declaration that due to environmental concerns, the Bitcoin payments would no more be acceptable by Tesla, he inquired the acceptance and refusal from his followers about whether the DOGE should be accepted by a developer of an electric car as a payment method.
During all its time, the Dogecoin value is high, over 5,500%, although the overall crypto value is down over 60%.