Markets Continuing their Horizontal Movement
We have entered the first week of November as of today. There are important developments such as the FED’s announcement of the interest rate decision this week. After the meetings to be held today and tomorrow, the FED is expected to announce its interest rate decision at 21:00 tomorrow evening. When we look at the crypto money market, we see that Bitcoin and many altcoins continue their horizontal course before the FED interest rate decision. However, Dogecoin stands out with an increase of 26% in the last 24 hours and 144% in the last week. Well, let’s examine together what is the reason behind the rise of Dogecoin.
Why is DOGE Rising?
After billionaire technology entrepreneur Elon Musk bought Twitter for $ 44 million, there were noticeable increases in the price of Dogecoin. While the details of Musk’s Twitter purchase have been on the agenda for the past few days, the price of Dogecoin, which was created to mock the speculative nature of cryptocurrencies, has almost skyrocketed. According to Glenn Williams, analyst at popular cryptocurrency news site CoinDesk, unlike Bitcoin, Ethereum and other cryptocurrencies that are influenced by macroeconomic indicators, DOGE draws its strength from Elon Musk’s pointed personality and the Dogecoin community. Dogecoin skyrocketed after Elon Musk posted an image of a Shiba dog in a Twitter t-shirt this morning.
Will the Ascension Continue?
Elon Musk, who bought Twitter and has been supporting Dogecoin for a long time, is currently considering a project for this duo. According to rumors, Elon Musk is planning a project to generate income for content creators on Twitter. If this income model is implemented, the use of cryptocurrencies as a payment method seems to be a high probability. Considering Elon Musk’s love for DOGE, creators can be paid with DOGE. This could mean that the Dogecoin price continues to rise. The meme token project Dogecoin, which was initially implemented as a joke, has been traded in the market for years without serving a specific purpose. The project, which gained a new dimension after Elon Musk adopted Dogecoin, may integrate with Twitter in the coming days. Many market analysts can say that this situation is certain to happen. Elon Musk had previously agreed to receive payments with DOGE through his other companies to show his support for DOGE.
Famous Analyst Predicted
While Twitter integration with DOGE was discussed by many market experts on social media, crypto influencer Ran Neuner made some comments. According to Neuner, he believes that Binance’s stablecoin, BUSD, could also benefit if this move happens. Neuner, who has more than 600 thousand followers on Twitter, made the following statements in his post: “I think Twitter will soon launch blockchain payments among users. I’m guessing the options would be: Bitcoin(no explanation needed) BUSD because of the love of Elon Musk DOGE and Binance being one of the biggest investors.”
DOGE Price Analysis
The popular meme token is today the 8th largest cryptocurrency in the market with a market cap of $19 billion. If Dogecoin, which is currently at 14 cents, continues to rise, the resistance levels to be followed are at 15 cents and 18 cents. In case of a possible pullback, the support points to be followed are at the levels of 12 cents and 10 cents. We can think of these support and resistance points as short-term levels. Because right now there is a high volatility in the Dogecoin price.
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