Elon Musk recent Dogecoin post has prompted market-wide speculation that a Dogecoin reserve is in the works, and the coin’s price is set for a surge.
The Tesla & SpaceX CEO, Elon Musk, posted a dollar banknote with a Dogecoin-dog logo on X on Thursday, which sparked expectations of a Dogecoin reserve. Despite the recent market volatility, market observers are anticipating significant gains in the price of DOGE in the future.
Elon Musk Post & Dogecoin Reserve Speculations
In an X post on December 31, Elon Musk shared a photo of a dollar banknote with the Shiba Inu dog logo behind Dogecoin rather than George Washington. The image is approximately three years old, preserved on Musk’s laptop, and is a sticker given to him by a German individual.
This action has prompted discussions in the broader crypto market, particularly regarding Musk’s prior endorsement of the top meme coin. Additionally, the market’s speculation has been further fueled by the recent shift in investors’ attention to the meme coin sector.
Dogecoin was down 0.39% in the last 24 hours to $0.32 at the time of writing, which indicates the market’s sentiment in the final hours of 2024. Dogecoin may move up to the 50-day SMA at $0.382 if it recovers from $0.34.
At present, Dogecoin has maintained a price above $0.30. The bears may sell off again if the market fails to advance higher. Dogecoin may decline to $0.27 and ultimately to $0.23 if the $0.30 level is no longer maintained.
