Market observers are seeing Dogecoin (DOGE) price retreating back into the red territory, expecting the meme coin to register new lows if some support does not come quickly to lift the sluggish coin.

Tesla CEO Elon Musk has always been an avid 𝗗𝗼𝗴𝗲𝗰𝗼𝗶𝗻 𝘀𝘂𝗽𝗽𝗼𝗿𝘁𝗲𝗿. His fame and standing on the worldwide markets have enabled him to significantly influence the price and appeal of DOGE.

As DOGE takes a heavy beating in the ongoing bear market, it is only natural to think that, perhaps, 𝗮𝗻𝗼𝘁𝗵𝗲𝗿 𝘁𝘄𝗲𝗲𝘁 𝗳𝗿𝗼𝗺 𝗠𝘂𝘀𝗸 𝗺𝗶𝗴𝗵𝘁 𝗽𝗿𝗼𝘃𝗶𝗱𝗲 𝘀𝗼𝗺𝗲 𝗯𝗼𝗼𝘀𝘁 𝗼𝗳 𝗲𝗻𝗲𝗿𝗴𝘆 𝘁𝗼 𝘁𝗵𝗲 𝗹𝗲𝘁𝗵𝗮𝗿𝗴𝗶𝗰 𝗰𝗼𝗶𝗻

Musk stated at the Qatar Economic Forum that he buys and backs it because people “𝘄𝗵𝗼 𝗮𝗿𝗲 𝗻𝗼𝘁 𝘁𝗵𝗮𝘁 𝘄𝗲𝗮𝗹𝘁𝗵𝘆” have requested him to.Musk also stated that his staff had requested that he promote the coin. “𝗧𝗵𝗲𝘆 𝘂𝗿𝗴𝗲𝗱 𝗺𝗲 𝘁𝗼 𝗲𝗻𝗱𝗼𝗿𝘀𝗲 𝗗𝗼𝗴𝗲𝗰𝗼𝗶𝗻, 𝗮𝗻𝗱 𝗜 𝗮𝗺,”