Recently, Tesla CEO Elon Musk took over Twitter. This acted as a catalyst for the Dogecoin price. The largest meme coin by market cap has risen more than 120% in the past seven days. Therefore, the expectation of the community that Dogecoin will go “to the moon” has been raised. So, what could happen in the future?
Dogecoin price sparks market optimism
Dogecoin price, apart from technical developments, is mostly influenced by Elon Musk’s tweets. As a result of Elon Musk’s acquisition of Twitter, there are rumors that DOGE will integrate it with Twitter. Meanwhile, many analysts continue to predict the future direction of the cryptocurrency Dogecoin. CryptoKaleo, a popular analyst, has suggested that DOGE will pave the way for the “alt season”. On Twitter, he pointed to the movements of the DOGE/BTC pair. He stated that this will lead to a “mini altcoin season.”
Lmfao that was easy pic.twitter.com/94yTTqNTwb
— K A L E O (@CryptoKaleo) October 29, 2022
As we reported on cryptokoin.com, the meme token has jumped over 100 percent in the last seven days. According to some people in the cryptocurrency community, the environment is this optimistic for the first time since the Ethereum merge. On the other hand, the daily transaction volume also increased significantly as a result of the increase in price. Santiment also pointed to an increase in the number of DOGE transactions totaling $100,000. Both transactions show that “whales” are increasing demand for Dogecoin tokens.
Musk and Twitter plans
The plan has changed dramatically since Musk first mentioned taking over Twitter back in April. Over the summer, the billionaire tried to pull out of the deal. Twitter, however, sued to ensure the deal happened. Now, many famous names, including Cardano founder Charles Hoskinson, are predicting that Dogecoin will become the currency of Twitter under Musk’s leadership. At the very least, they think it will be a unit to be used for payment/tip services.
So, how is the market and Dogecoin doing right now? Currently, Dogecoin bulls are defending key support areas to prevent their weekly gains from being wiped out. The biggest meme coin has gained over the 100 percent mark within a week. Therefore, it continues to grace the cryptocurrency market with an unstoppable rally. Over the past 24 hours, Dogecoin price has increased its bullish outlook by 21 percent. The cryptocurrency reached a market cap of $14.7 billion, placing it in 8th place in this regard. Still, it’s worth noting that DOGE is below its all-time high of $0.73. The coin has dropped 84 percent since then. Its current price is $0.1164.
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