Dogecoin set to become ‘currency of space?’ Musk has answer but not…

Dogecoin and Elon Musk have had an extended relationship. It appears Dogecoin’s worth is straight proportional to Musk’s bullish tweet in regards to the meme coin. To not overlook that the billionaire’s tweets of late have been failing to supply a robust affect on Dogecoin.

Nicely, persevering with his streak of manipulating Dogecoin’s worth both voluntarily or involuntarily, Elon Musk triggered a pointy rise within the meme coin on 28 Could. 

Dogecoin X SpaceX

The ‘DOGEfather,’ in a tweet on 27 Could, introduced that sooner or later, SpaceX can be accepting Dogecoin as a way of cost for its merchandise.

Initiated earlier this yr, Tesla ran the supply for folks to purchase Tesla-related merchandise resembling a whistle and even a quad bike designed for youngsters, the cyberquad. 

Now, SpaceX is ready to deploy related options for its customers the place it might promote equipment and attire price wherever between $15 to $150 in DOGE.

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This may skyrocket [pun intended] Dogecoin’s utility past its present scope.

Because the information broke out, traders reacted positively. With DOGE’s worth operating up on the charts by 14.74% at its peak within the day.

Nevertheless, the hype died down quickly after, ensuing within the altcoin retracing its bounce by 10%. Buying and selling at a press time worth of $0.0818, the rise didn’t actually assist DOGE get better the losses noticed all through the week.

DOGEUSD 2022 05 28 11 08 38

Dogecoin worth motion | Supply: TradingView – AMBCrypto

Nevertheless, this nonetheless was not sufficient to excite the dormant traders who obtained into DOGE over the interval of three months after the market started dipping in February.

Regardless of not dealing with a fall in worth as worse as many different altcoins, DOGE has famous no important development in its holders. After dropping out on 600k traders in March, Dogecoin has solely recovered 100k of them in two months.

ITB doge total addresses 2022 05 28T05 37 12.699Z

Dogecoin whole traders | Supply: Intotheblock – AMBCrypto

Furthermore, regardless that the community has virtually 4 million DOGE holders, lower than 50k on common are lively on-chain. These folks make up nearly 1.25% of all Dogecoin traders, and that’s not a superb signal.

ITB doge daily active addresses 2022 05 28T05 37 42.236Z

Dogecoin lively traders | Supply: Intotheblock – AMBCrypto

It’s because, despite their greatest efforts, these 1.25% traders haven’t been capable of generate any greater than $1 billion in transaction quantity, which on common was near $7 billion to $10 Billion earlier than February.

ITB doge transactions volume in usd 2022 05 28T05 36 41.233Z

Dogecoin transaction quantity | Supply: Intotheblock – AMBCrypto

Put merely, Dogecoin is now dependent solely in the marketplace and a broader restoration since these elements aren’t contributing a lot to its development.

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