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Elon Musk Propels DOGE Price Again! Is He Considering Adding Dogecoin to Twitter?

1 Nov, 20223 min readAltcoins
Elon Musk Propels DOGE Price Again! Is He Considering Adding Dogecoin to Twitter?

Elon Musk is yet again in the spotlight as the speculation of Dogecoin’s acceptance for Twitter appears to be very close. Earlier, Tesla’s CEO led the global space on fire by completing the Twitter acquisition and firing the top 3 executives in one go. Meanwhile, many analysts believed that he would also bring Dogecoin on Twitter as he is one of the biggest proponents of Dogecoin and believes the memecoin has more use cases than any other asset.

Just a couple of hours ago, Binance CEO, Changpeng Zhao, AKA CZ, desired to offer assistance to the new Twitter CEO to bring the most popular & heavily used social media platform to Web3. CZ also extended his support to the acquisition deal and investment of $500 million and believed the move may benefit the exchanges which may further support the crypto payments on Twitter.

No sooner than CZ revealed his desire, Elon Musk hinted at the possibility of Dogecoin’s acceptance on Twitter.

— Elon Musk (@elonmusk) November 1, 2022

As expected, the bulls jumped into action and raised the DOGE price significantly. The price surged by more than 15% in just a couple of hours and surpassed $1.43 after consolidating heavily around $1.3 after the recent spike from $0.08. Presently, the trade set-up appears to be completely in favour of the bulls, and hence the price is expected to be impacted positively in the next few hours.

Will Dogecoin(DOGE) Price Rally Continue Until the End of 2022?

The DOGE price is expected to maintain an ascending trend for a long time as the buying pressure has accumulated notably. The trading volume maintained a flat action and surged to hit beyond $3.1 billion for the first time since January 2022. Hence uplifting the price above the bearish captivity.

Along with the volume, the market cap dominance also raised from 0.8% to 1.559%, meanwhile the realised market capitalization dropped from $20B to the current levels of around $12.13B. The volatility of the asset also surged from levels below 0.5% to 1.68% indicating the token’s value to maintain a significant price movement in the coming hours.

Collectively, Dogecoin, which was heavily silent for a pretty long time has again proved to be a dominant factor within the markets. With the circulating supply raising by nearly 25% in the past couple of days, it is quite evident that the market participants have again joined the DogeArmy & hence a decent DOGE price rally appears to be imminent!

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