Elon Musk News and Dogecoin Price Dynamics: Political Endorsement and Marketplace Fluctuation Analysis

Elon Musk once again becomes the focus of headlines. The CEO of Tesla and X (formerly Twitter) publicly supported former Governor Andrew Cuomo’s campaign for New York City Mayor on his social platform X on November 3.

Meanwhile, Dogecoin (DOGE), which has close ties to Musk, is experiencing significant market fluctuations.

According to Gate market data, as of November 4, DOGE is temporarily priced at $0.1655, down 4.5% in 24 hours, with a current circulating market capitalization of approximately $25.1 billion, ranking 9th in the overall market.

01 Political Stage: Musk Involved in New York City Mayor Race

Just before the New York City mayoral election, Musk dropped a political bombshell. On November 3, he posted on X, “Vote for Cuomo!”, openly supporting former Governor Andrew Cuomo’s independent campaign.

This endorsement is significant, marking another shift in Musk’s political involvement. In recent years, he has been more associated with Republican politics and was an outspoken supporter of Donald Trump’s 2024 presidential bid.

Musk has also not hidden his opinions about other candidates, bluntly stating, “Remember, voting for Curtis (the Republican candidate) is actually voting for Mudumi or whatever his name is.” This obvious jab at Democratic candidate Zohran Mamdani clearly indicates Musk’s political leanings.

02 Market Fluctuation: DOGE Price and Technical Analysis

Despite Musk’s continuous news, Dogecoin faces significant selling pressure in the market. According to Gate market data, as of November 4, DOGE is temporarily priced at $0.1655, down 4.5% in 24 hours.

Technical indicators are bearish

Broader market data shows DOGE’s trading price is well below the MA-20 at $0.19331, MA-50 at $0.22475, and MA-200 at $0.20940, indicating strong selling pressure and a bearish structure across all timeframes.

This bearish technical structure is confirmed by multiple indicators. Analysts point out that DOGE remains firmly under bearish control, with the recent dynamic resistance at the Ichimoku Kijun line of $0.17805, and immediate support at today’s low of $0.16273.

Institutional Dynamics and Market Response

Despite positive fundamental developments, such as Brag House Holdings and House of Doge announcing a merger to strengthen Dogecoin’s financial infrastructure, and DOGE recently receiving approval for its first spot exchange-traded fund (ETF), these news have not translated into market support.

Trader’s Union expert Anton Kharitonov said, “Institutional development is being overshadowed by selling pressure and waning sentiment in the market, putting buyers on the defensive across all timeframes.”

03 Controversial Proposal: Using Satellites to Block Sunlight to Combat Climate Change

Beyond political involvement, Musk continues to propose bold ideas. Recently, he suggested on X launching a large number of Earth orbit satellites equipped with mirror functions to reflect sunlight back into space, aiming to prevent global warming.

This method, known as “solar radiation management,” is often considered taboo in mainstream science because it could disrupt Earth’s climate system.

Musk posted on November 3, stating, “A large constellation of AI-powered satellites could finely tune the amount of solar energy reaching Earth, thereby preventing global warming.”

Given that Musk’s SpaceX has launched as many as 10,000 satellites since 2019, he indeed has some technical foundation to turn this idea into reality.

04 Trillion-Dollar Compensation: Norway Sovereign Fund Opposes Musk’s Sky-High Plan

On the corporate level, Musk faces key decisions. Tesla’s board is pushing for shareholder approval of Musk’s compensation plan, which could become the largest CEO pay agreement in history.

However, Norway’s sovereign wealth fund—the world’s largest—announced on November 4 that it will vote against this plan at Tesla’s annual shareholder meeting on November 6.

Norges Bank Investment Management stated on its website, “While we appreciate the enormous value created by Mr. Musk’s visionary leadership, we are concerned about the total size of the award, dilution effects, and the lack of key risk mitigation measures.”

This opposition is significant because Norway’s sovereign wealth fund is one of Tesla’s major shareholders.

05 Historical Patterns: Analysts Focus on DOGE’s November Rebound Pattern

Despite the current bearish market conditions, some analysts believe Dogecoin may be preparing for a potential rally.

Seasonal Trends

Analyst YazanXBT pointed out that historically, November has been a strong period for Dogecoin. This pattern is evident in cycles from 2015, 2017, 2020, and 2022, with DOGE making significant breakthroughs each November.

ChandlerCharts on TradingView also shows a similar trend, indicating DOGE’s price tends to surge repeatedly in November each year, followed by broader gains in the crypto market.

On-Chain Data Insights

On-chain data from Santiment reveals that major Dogecoin wallets have recently remained quiet. Since November 1, addresses holding over 100 million tokens have been very active.

Futures open interest data from CoinGlass shows a decrease in open contracts for major meme coins. DOGE futures open interest has fallen 2% in 24 hours to $1.7 billion.

06 Market Outlook: DOGE Price Forecast and Investment Considerations

Analysts offer different perspectives on Dogecoin’s future trajectory.

Short-Term Outlook

Some technical analysts see tactical short-term opportunities as DOGE approaches oversold regions on several momentum oscillators.

Analyst BitGuru noted signs of renewed buyer interest. The $0.17 level has repeatedly served as a psychological support.

If Dogecoin breaks out of its current consolidation zone, analysts expect a potential rebound above $0.20, with a target in the mid-$0.20 range.

Long-Term Potential

From a longer-term perspective, some technical patterns suggest that if bulls break through these levels, the price could reach new all-time highs of $1.60.

Analyst EtherNasyonal identified long-term structures in Dogecoin’s price. Since 2014, three distinct bull wave cycles have emerged, each following similar patterns of strong breakout, consolidation, and subsequent rally.

Future Outlook

Elon Musk continues to exert influence across multiple domains, from politics and climate change to corporate governance. Meanwhile, Dogecoin demonstrates resilience amid market fluctuations.

With the arrival of the historic November seasonal pattern and ongoing news related to Musk, DOGE investors should closely monitor both technical and fundamental dynamics, seeking opportunities amid volatility while remaining rational in the midst of enthusiasm.