THE GREAT IMPACT OF DOGECOIN
In case you were unaware, Dogecoin has had a significant pump of roughly 120% in less than 7 days. Dogecoin is this week's top Altcoin, and second place is not even close, according to the coin market cap. Many questions are currently running through people's heads. Did Elon Musk's latest acquisition play a significant role in the significant pump in Dogecoin prices, or are there other variables at play that we are not aware of? As of the time of writing, Dogecoin is up around 120%, its price is $0.13, and it is down about 5%. Dogecoin recently increased in price to $0.15893.
A cryptocurrency has been trading at the overbought level with an RSI indicator of 88.5 since April of last year, according to the Dogecoin daily chart. A level that is overbought does not always signal a negative reversal right away; rather, it indicates the present purchasing level, which may or may not consolidate correctly downwards. Another factor contributing to Dogecoin's big bull surge was a significant short squeeze. This past weekend saw a $90 million liquidation of Dogecoin futures, which can be attributed to Elon Musk's revelation.
The straightforward explanation for the Dogecoin pump is that we learned Elon Musk would be taking over Twitter. If you weren't aware, Twitter was purchased by Elon Musk for a 44 billion dollar price tag on October 25th. Elon Musk sacked Twitter's top 3 executives, which came as news after the acquisition of Twitter. The announcement is significant because it demonstrates how seriously Elon Musk is treating his purchase of Twitter. Elon Musk is currently doing his best to add value via Twitter, and as you well know, Elon Musk is a fan of cryptocurrencies.
I believe we may anticipate Twitter accepting cryptocurrency for withdrawals and deposits. This year has brought us some exciting news, which is a good indication that the bull run is about to begin. Elon Musk is considering how he may integrate Twitter with Dogecoin and other cryptocurrencies in the future. Some well-known figures in the cryptocurrency industry, such CZ and Anderson, are already assisting Elon Musk with integrating Twitter into web 3. Knowing Elon Musk's intention to make Twitter the most perfect social media platform for users is crucial. There is a rumor that Elon Musk may enable Dogecoin tipping on the Twitter network, as was reported last year.
The utility of Dogecoin will come back to life if people start using it as a cryptocurrency for Twitter tips. Dogecoin has a highly vibrant community, which still includes several large OGs. Even though some ardent supporters of it do not consider it a meme coin, we can predict where the price of Dogecoin will end up because some people still view it as one. Dogecoin has not yet reached its full potential, so until it does, I will classify it as a meme coin.
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Despite the bear market, Dogecoin is still doing pretty well. Thanks for sharing with us.