Dogecoin (DOGE) price seems unaffected by the news that its advocate, Elon Musk – often referred as the 'DogeFather' – is in legal trouble with the Un
Dogecoin steadies despite news of Elon Musk facing a SEC investigation. The SEC warns of potential court action if Musk fails to comply with the subpoena. Dogecoin's on-chain signals indicate a bearish sentiment even if it has the Twitter spotlight. Dogecoin price seems unaffected by the news that its advocate, Elon Musk – often referred as the "DogeFather" – is in legal trouble with the United States Securities & Exchange Commission .
price is at $0.06, with minor gains over the last 24 hours. Its performance in the last week has remained muted as well. As one of his main advocates, developments surrounding Elon Musk tend to have an effect on price. Meanwhile, on-chain signals are appearing mostly bearish, according to IntoTheBlock research. The momentum indicator for large transactions suggests a bearish sentiment at 1.97%. This means that transactions bigger than $100,000 are falling. Meanwhile, IntotheBlock’s “In/Out of the Money Around Price” model shows that 41% of Dogecoin holders are currently in a profitable position, and2% are breaking even.
’s on-chain indicators Dogecoin reasons for resilience may lay on the token’s close relationship with X, previously Twitter, since Musk bought it. Twitter has kept the memecoin in the spotlight. Recently, American hedge fund manager Bill Ackman told The Wall Street Journal that he is interested in collaborating with Musk's Twitter, which has now rebranded as X. In August, Musk called X a doge-friendly place.
, Dogecoin's market cap is over $8.6 billion, according to CoinGecko figures. While Dogecoin may experience news-based short-term price fluctuations, investors should keep in mind that on-chain metrics indicate bearish sentiments, signaling a potential downtrend.
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