A new pro-Elon Musk and pro-Trump meme coin called Department Of Government Efficiency ($D.O.G.E) shot up 8%, crashed 14%, then recovered 10%, over the course of a quarter hour this morning UTC.
According to the data, $D.O.G.E traded at $0.00000585 at 08:39 AM UTC. Less than ten minutes later, at 08:48 AM, the meme coin had risen vertically to hit $0.0000063.
A prompt sell-off within six minutes then crashed the price down to $0.00000541 before the token finally recovered by 9:05 AM when it traded at $0.00000593.
Now, it’s important to remember that $D.O.G.E is a micro cap meme coin. With a market capitalization of little more than half a million dollars, a trader doesn’t need a lot of money—relatively speaking—to manipulate its price…
Is Elon Pumping $D.O.G.E?
Elon Musk has a long history with crypto. Back in 2021, he was frequently tweeting about Dogecoin ($DOGE) and sending the price skyrocketing. Through Tesla, he also spent $1.5 billion on roughly 43,000 Bitcoins before selling roughly three quarters of them.
Oh and one of the largest meme coins—the $1.3 billion Floki ($FLOKI)—is named after his pet.
So, Elon is no stranger to crypto. However, the links between Elon and $D.O.G.E are less clear.
In a speech in September, Elon promised that if Trump gets elected as 47th President: “I will create a government efficiency commission tasked with conducting a complete financial and performance audit of the entire federal government.” For his part, Trump warmed to the idea.
So, $D.O.G.E appears to be a proxy for fans of the Musk/Trump duo. However, given the small market cap, it’s far from a popular one.
Instead, what we see on the price chart are frequent vertical ascents, followed by just as rapid descents. This is only possible when whales get involved, pump the price, dump for profit, then get back in again.
Still, the token enjoys strong support at a dime. Around a fortnight ago, $D.O.G.E set an all-time high of $0.000009003, but now trades 36% short of that.
A relative strength index of 54 suggests the token is fairly priced right now, which primes it for more rallies between now and Tuesday, when the election is decided.
Long-Term Investors Avoid $D.O.G.E – Flockerz “Bird Coin” Raises $1.2 Million
Given the topical nature of the project and the subtle signs of market manipulation around it, $D.O.G.E is not likely to still be popular this time next year.
Meme coin investors looking for longevity should consider the presale market, where coin launches can achieve 10x or 100x profits.
This month, meme coin fans have been piling into a new vote-to-earn (V2E) meme coin called Flockerz ($FLOCK), a month-old presale that has raised $1.2 million dollars.
Touting itself as “The People’s Meme Coin,” Flockerz offers crypto fans unrivaled community-building incentives and staking rewards.
Holders of Flockerz (known as “The $FLOCK”) are members of a decentralized autonomous organization (DAO) called Flocktopia, where they can draft and vote on governance and improvement proposals.
This structure ensures community consensus dictates the decisions rather than a centralized authority.
Some 25% of the project’s 12 billion $FLOCK meme coin supply is for staking, with the protocol offering stakes yield of 1,510% on the tokens they stake over a two-year period.
Flockerz is a transparent and fully audited project.
That’s why Coinsult audited its smart contract, to give investors peace of mind.
Furthermore, Flockerz is eyeing up listings on both centralized and decentralized exchanges (CEXs and DEXs), so it has global ambitions.
Join now. Follow Flockerz on X and Telegram.
Visit the Flockerz Presale Website
The post Elon Musk-Inspired $D.O.G.E. Coin Blasts Up Then Pulls Back – Are Investors Now Eyeing This Bird Coin? appeared first on Cryptonews.
