On September 7, 2024, Tesla founder Elon Musk helped prevent a significant price crash for Dogecoin (DOGE) through his timely tweet. This intervention came in the midst of substantial sell-offs by whales and institutions, leading to a bearish market sentiment and overall cryptocurrency price decline.
Musk's tweet was strategically timed, as DOGE had breached its critical support level of $0.094. The effect of his tweet was immediate, showcasing his considerable sway over the cryptocurrency market and his specific impact on Dogecoin's value.
Despite the market's bearish outlook, Musk's intervention demonstrates the volatility and external influence that can affect cryptocurrency prices, especially in times of high selling pressure.
