• The price of Dogecoin (DOGE) recently gained 1.5% in the past 24 hours after Elon Musk put its logo in his Twitter bio.
• The momentum caused by these two developments has continued to boost DOGE, which is up 14% and 18% respectively in the past week and 30 days.
• While it’s unclear if DOGE will be integrated into Twitter’s ‘X’, if it were, the meme token would likely surge massively from its current level of $0.078 to $1 or more.
Dogecoin Price Boosted After Elon Musk Puts Logo In His Twitter Bio
The recent news that Tesla CEO Elon Musk had placed the Dogecoin (DOGE) logo in his Twitter bio gave a significant boost to the cryptocurrency’s price. The momentum caused by this development has resulted in DOGE gaining 1.5% in value over the past 24 hours, with further gains of 14% and 18%, respectively, over the last week and month.
Will Dogecoin Be Integrated Into Twitter’s ‘X’?
Twitter recently rebranded itself as ‘X’ and speculation is rife that this could eventually lead to cryptocurrency payments being available on the social network, including those involving Dogecoin. However, it remains uncertain whether or not DOGE will become part of X ahead of other coins and there are doubts about whether X itself will introduce its own digital currency.
Relative Strength Index Suggests Possible Correction
According to TradingView data, there appears to be some signs suggesting that DOGE may soon enter a correction phase after having achieved such strong growth earlier this week. Specifically, its relative strength index (RSI) has begun falling after passing 70 a couple of days ago while its 30-day moving average is at a high enough level to suggest that it should start declining soon too.
Positive Sentiment Surrounding Dogecoin
Despite these potential dips in price however, sentiment surrounding DOGE still remains positive given both Musk’s endorsement on Twitter as well as speculation around X integrating cryptocurrency payments into its platform at some point in time. If this does happen then it could result in an influx of new investors buying up large amounts of DOGE which would subsequently cause its value to skyrocket – potentially even reaching $1 or more per coin!
At present it is difficult to predict exactly what impact Twitter’s rebranding will have on Dogecoin but one thing for sure is that any positive developments regarding integration with X would be likely result in huge gains for holders of the meme token!