The moves of Elon Musk and his companies towards crypto money have always resulted in a rally. The tech billionaire’s acquisition of Twitter is seen as the catalyst for the next bull run.
Elon Musk and Twitter move blow this altcoin
Dogecoin gained more than 100% in just 7 days after Tesla CEO Elon Musk bought social media giant Twitter. Musk is widely touted as the “Dogefather” because he frequently mentions cryptocurrencies. The famous billionaire had a very hot and cold relationship with DOGE since last year. He had previously shared numerous DOGE-related memes and promoted them in his tweets.
Currently, Musk’s companies The Boring Company, SpaceX and Tesla accept Dogecoin as payment. SpaceX even named the 2022 lunar mission DOGE-1. Dogecoin has witnessed drastic fluctuations in the past due to Musk’s tweets and announcements. The billionaire’s idea of using Dogecoin for the paid version of Twitter is the next bull catalyst. As Kriptokoin.com, we have discussed Musk’s statements after purchasing Twitter in this article.
Dear Twitter Advertisers pic.twitter.com/GMwHmInPAS
— Elon Musk (@elonmusk) October 27, 2022
However, his tweets about cryptocurrencies got him in trouble. A number of Dogecoin investors have claimed that they deliberately inflated the price of Dogecoin this summer. Therefore, they dragged Musk and his companies into a $258 billion lawsuit on the grounds of speculation. In response, Musk stated in June that while he supports cryptocurrency, he does not advise anyone to invest in this space.
Dogecoin ‘best crypto’ in the long run
Anndy Lian, author of “NFT: From Zero to Hero,” says Dogecoin has a history of price action and is closely linked to Musk. The veteran analyst mentioned Dogecoin as a good investment tool in his current analysis:
Dogecoin has strong community support. Dogecoin sub Reddit has over 2.2 million subscribers. I also think it is an advantage that Dogecoin is inflationary. There are several reasons for using deflationary currencies like Bitcoin. Dogecoin may never be used as money. But Dogecoin’s inflation trend ranks it among the top cryptocurrencies in the long run.
Anndy Lian adds that as long as Elon is still on Dogecoin’s side, in the short term, we will see more rallies before the end of the year as they prepare their plans for Twitter.
Dogecoin targets these levels from the new year
Elsewhere, Akash Network’s Aliasgar Merchant said that Dogecoin’s current trend reversal appears to be sustainable. Merchant also thinks that the leading meme coin could easily reach 0.50 solar before the end of the year:
Since last August, Dogecoin has not been able to break the $0.30 mark, but with the use cases of memecoin skyrocketing with Musk’s takeover of Twitter, there’s no reason it shouldn’t hit $0.50 before the new year.
Data from IntoTheBlock shows that around 27,000 addresses have amassed 5.89 billion DOGE tokens at these levels. Therefore, Merchant added that Dogecoin will see strong support between 0.0772-0.0792 levels.
Elon Musk news moves whales too
Meanwhile, whale watching bot Whale Alert tweeted that $286 billion DOGE, worth $22 million, flowed to Binance from “the 20 largest wallets.” Meanwhile, Dogecoin is positioned at 10th place by market cap. Dogechain, the layer-2 scaling solution, supports some of this volume. Dogechain has started the voting process for the token burn. Thus, it fueled a bullish sentiment among DOGE investors.
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