Dogecoin prices spiked by nearly 2% after an advisor to Solana Labs and app creator joined Elon Musk’s social media platform X as head of product. Nikita Bier posted on X, Ladies and gentlemen, I’ve officially posted my way to the top: I’m joining @X as Head of Product.
Interestingly, just a couple of months Bier, referred Elon Musk on X and stated, “Hire me to run Twitter as VP of Product. I’ve been building social apps for 11 years—and not in a way that leads products to decay like a typical BigTech “product director dad.” Twitter has the potential to be the leading messenger, groups app & content creation tool.” However, its not clear whether Musk made this recruitment responding to Bier’s request.
In response to this new hire, Dogecoin, which Musk often tweets about, appreciated, and at the time of publication, Dogecoin is trading at $0.1615. Although DOGE spiked, after the announcement, it was short lived, as DOGE continued its downtrend.
Source: Tradingview
On the daily chart, DOGE is fluctuating inside a falling wedge, making lower highs and lower lows. Usually when the wedge is fully, it could break out and appreciate by a huge margin. However, the wedge might not be fully formed yet, as DOGE has rebounded off the upper trendline. The RSI is directing downwards, and there is a high chance that Dogecoin might test the lower trendline once more before breaking out. Therefore, DOGE might be looking for support at $0.140 before breaking out. After breaking out, the memecoin could reach $0.199.
