Twitter Under the Influence of Elon Musk can Take Dogecoin’s Price to $1
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Ever since Twitter sales to the Tesla CEO has completed, the eyes of the cryptocurrency community have been glued to the prices of Dogecoin. Dogecoin is a meme currency that can be in for a ride of a lifetime if Musk decides to make it the official currency of Twitter.
As soon as the news about Twitter sales was confirmed, there was a visible increase in Dogecoin prices, demand, and trading volume.
Within days distance after the Twitter purchase, Dogecoin prices have been appreciated by 106%. The meme currency was able to get a unit price of $0.1494 and became one of the top ten cryptocurrencies by market cap. As per the latest price statistics, Dogecoin is currently fairing at a five-month high.
Tesla CEO, Elon Musk, has given a little hint about the merger of Dogecoin with the Twitter network. However, thus far, the plan is not officially penned out yet. Musk is single-handedly responsible for bringing Dogecoin to public attention.
Therefore, it is only natural that cryptocurrency investors are excited about its probable affiliation with Twitter.
Overtaking popular currencies like Cardano and Solana native tokens, the market cap of Dogecoin has crossed $6 billion during the last 24 hours. The data analysis from IntoTheBlock reveals that around 62% of the Dogecoin holders are currently enjoying the rally based on their buy-in prices.
At the same time, there are also short sellers with $50 million futures contracts that are waiting for a chance to make a short squeeze happen.
Dogecoin and Twitter
According to the latest tweets from Elon Musk and the confirmation from Cardano blockchain founder Charles Hoskinson, Dogecoin is going to become part of the Twitter network. Anticipating the move, the Cardano network holder invited Dogecoin to join the Cardano network as a side-chain project.
SpaceX CEO has taken many steps to improve the situation for DOGE. He deployed his company’s employees to integrate it into offline usage. On the other hand, he also allowed Tesla consumers to purchase luxury merchandise with DOGE coins.
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