Elon Musk’s newest attempt to increase the value of Dogecoin fails spectacularly.

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Dogecoin (DOGE) prices rose but did not soar after receiving another support on Twitter from Tesla CEO Elon Musk on July 1.

At about 8:43 a.m. UTC, the billionaire entrepreneur tweeted a Godfather-themed image depicting Marlon Brando’s legendary character, Don Vito Corleone, with the phrase “YOU COME TO ME AT RUNTIME TO TELL ME THE CODE YOU ARE RUNNING DOES NOT COMPILE.”

Meanwhile, Musk captioned the tweet “Release the Doge!”

Seconds after the tweet was posted, the DOGE/USD exchange rate surged from $0.24 to $0.261 — about 8.42%. A sell-off followed suit, which took the pair as low as $0.247. Just then, at 9:24 am UTC, Musk tweeted another gibbering message that read “Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge.”

DOGE/USD rose 5.22% to $0.260 after the second tweet.

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DOGE price 1-minute candle chart. Source: TradingView

DOGE/USD attempted to regain the intraday high of $0.261 on the Musk factor in the following hours, but profit-takers maintained countering their positive bias, as evidenced by the huge minute-candle bullish wicks in the chart above.

Nonetheless, Dogecoin was down almost 0.5 percent at 12:00 p.m. UTC, indicating that Musk’s impact on the cryptocurrency market is waning.

Earlier this year, Tesla CEO Elon Musk’s enthusiastic support for Dogecoin triggered significant retail-led price surges, with the cryptocurrency’s market worth peaking at almost $100 billion in early May.

 

At the moment, the DOGE/USD exchange rate reached a new high of $0.76.

The pair is currently worth half of what it was two months ago, owing to a massive crypto market correction that saw virtually all of the top-cap assets, including Bitcoin (BTC), Ether (ETH), and XRP, collapse by more than 50%. Dogecoin and other altcoins usually trade in tandem with Bitcoin.

RECOMMENDED READ:  DOGE surges by 80 percent on the day to become the tenth biggest cryptocurrency by market capitalisation.

 

Baby Doge booms, meanwhile

While Dogecoin logged brief upside pumps, one of its copycat memecoins, Baby Doge Coin (BABYDOGE), climbed sharply after Musk’s 9:24 am UTC tweet.

Baby Doge Coin’s price is too low to calculate

Before Musk’s post, Baby Doge Coin was valued about $0.00000001 but has now increased by more than 35%. Nonetheless, the memecoin’s value remained too low to be calculated by CoinMarketCap. Its market capitalisation was likewise zero at the time of publishing.

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