Elon Musk is once again making headlines. On November 3, the CEO of Tesla and X (formerly Twitter) publicly endorsed former Governor Andrew Cuomo’s run for New York City mayor on his social platform, X.
As Musk makes his political endorsement, Dogecoin (DOGE)—a cryptocurrency closely tied to him—is experiencing significant market volatility.
According to Gate market data, as of November 4 (UTC), DOGE is trading at $0.1655, down 4.5% over the past 24 hours, with a current circulating market cap of approximately $25.1 billion, ranking 9th in the overall market.
01 The Political Arena: Musk Enters the NYC Mayoral Race
On the eve of the New York City mayoral election, Musk dropped a political bombshell by posting "Vote for Cuomo!" on X on November 3, openly supporting former Governor Andrew Cuomo’s independent campaign.
This endorsement is highly significant, marking yet another shift in Musk’s political engagement. In recent years, he has been more closely associated with Republican politics and was an outspoken supporter of Trump’s 2024 presidential campaign.
Musk has also been candid about his views on other candidates, stating, "Remember, voting for Curtis (the Republican candidate) is basically voting for Mudumi or whatever his name is." This pointed jab at Democratic candidate Zohran Mamdani clearly signals Musk’s political leanings.
02 Market Turbulence: DOGE Price and Technical Analysis
Despite ongoing news about Musk, Dogecoin is facing significant selling pressure in the market. According to Gate market data, as of November 4 (UTC), DOGE is trading at $0.1655, down 4.5% over the past 24 hours.
Bearish Technical Indicators
Broader market data shows DOGE is trading 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 setup is confirmed by multiple indicators. Analysts note that DOGE remains firmly under bearish control, with the latest dynamic resistance at the Ichimoku Kijun of $0.17805, and immediate support at today’s low of $0.16273.
Institutional Moves and Market Response
Despite positive fundamental developments—such as the announced merger of Brag House Holdings and House of Doge to strengthen Dogecoin’s financial infrastructure, and Dogecoin’s recent approval for its first spot exchange-traded fund (ETF)—these news items have yet to translate into market support.
Anton Kharitonov, an expert at Traders Union, commented: "Institutional developments are being overshadowed by selling pressure and waning sentiment, leaving buyers on the defensive across all timeframes."
03 Controversial Proposal: Using Satellites to Block Sunlight to Combat Global Warming
Beyond politics, Musk continues to propose bold ideas. He recently suggested on X launching a large number of Earth-orbiting satellites equipped with mirrors to reflect sunlight back into space as a way to halt global warming.
This approach, known as "solar radiation management," is often considered taboo in mainstream scientific circles due to its potential to disrupt the Earth’s climate system.
On November 3, Musk posted: "A large-scale satellite constellation based on artificial intelligence could finely regulate the amount of solar energy reaching Earth, thereby stopping global warming."
Given that Musk’s SpaceX has already launched as many as 10,000 satellites since 2019, he indeed possesses part of the technical foundation to make this idea a reality.
04 Trillion-Dollar Pay Package: Norway’s Sovereign Wealth Fund Opposes Musk’s Compensation Plan
On the corporate front, Musk also faces critical decisions. Tesla’s board is pushing for shareholder approval of Musk’s compensation plan, which could become the largest CEO pay package in history.
However, the world’s largest sovereign wealth fund—Norway’s Sovereign Wealth Fund—announced on November 4 that it will vote against the plan at Tesla’s annual shareholder meeting on November 6.
Norges Bank Investment Management stated on its website: "While we appreciate Mr. Musk’s visionary leadership and the tremendous value created, we are concerned about the total size of the award, its dilutive effect, and the lack of measures to mitigate key person risk."
This opposition is significant, as Norway’s Sovereign Wealth Fund is one of Tesla’s major shareholders.
05 Historical Patterns: Analysts Eye DOGE’s November Rally Trend
Despite the current bearish market conditions, some analysts believe Dogecoin may be gearing up for a potential rally.
Seasonal Trends
Analyst YazanXBT points out that historically, November has been a strong month for Dogecoin. This pattern was evident in the cycles of 2015, 2017, 2020, and 2022, with DOGE making major breakouts each November.
Charts from ChandlerCharts on TradingView show a similar trend, indicating that the DOGE price tends to surge every November, often followed by broader gains in the crypto market.
On-Chain Data Insights
On-chain data from Santiment reveals that major Dogecoin wallets have remained quiet recently. Since November 1, addresses holding over 100 million tokens have shown little activity.
Futures open interest data from CoinGlass shows a decrease in open interest for major meme coins. DOGE futures open interest dropped 2% in 24 hours to $1.7 billion.
06 Market Outlook: DOGE Price Forecast and Investment Considerations
Analysts offer differing views on Dogecoin’s future trajectory.
Short-Term Outlook
Some technical analysts see tactical short-term opportunities as DOGE approaches oversold territory on several momentum oscillators.
Analyst BitGuru notes that buyers are once again showing signs of stepping in. The repeated defense of the $0.17 area has become a key psychological level.
If Dogecoin breaks out of its current consolidation range, analysts expect a potential rebound could exceed $0.20, targeting 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 a new all-time high of $1.60.
Analyst EtherNasyonal has identified a long-term structure in Dogecoin’s price. Since 2014, there have been three clear bull waves, each following a similar pattern of strong breakout, consolidation, and renewed rally.
Looking Ahead
Elon Musk continues to exert influence across multiple arenas—from politics to climate change to corporate governance. Meanwhile, Dogecoin demonstrates its resilience amid market volatility.
With November’s historically bullish seasonal pattern and the ongoing impact of Musk-related news, DOGE investors should closely monitor both technical and fundamental dynamics—seeking opportunities amid volatility and maintaining rationality in the midst of hype.
