- Dogecoin posts 70% upside in anticipation of a rally, driven by the accumulation of whales exceeding 100,000 tokens.
- With Bitcoin’s fourth halving in April 2024, Dogecoin follows past trends, potentially indicating a significant increase in value.
Tech mogul Elon Musk has generated headlines once again with his statements on Dogecoin (DOGE), hinting at a possible integration of this cryptocurrency with Twitter. After months of silence, Musk revived interest in Dogecoin, first with a peculiar offer related to an emerald mine and then with a statement that has put the crypto community on high alert.
I will keep supporting Dogecoin
— Elon Musk (@elonmusk) June 19, 2022
Musk’s Impact on Dogecoin
It’s no secret that Musk’s words have the power to move markets, and Dogecoin has been no exception. Recall, as ETHNews previously pointed out, that Musk has been playing a crucial role in Dogecoin’s visibility and valuation for some time now.
By replacing Twitter’s iconic logo with Dogecoin’s, Musk has not only triggered speculation but also stoked hope among enthusiasts that Dogecoin could acquire a more significant role on the platform.
Now, how feasible is this integration?
The proposition sounds appealing: using Dogecoin as a paid currency on Twitter for premium services or as a monetization incentive for influencers. Given that Dogecoin offers low transaction costs and faster execution speeds compared to other cryptocurrencies such as Bitcoin and Ethereum, the idea is not out of place.
Following reports from ETHNews, Musk’s reaction to the proposal to continue buying Dogecoin has been simply “I am,” which reinforces his image as a staunch supporter of the cryptocurrency. This attitude from Musk, coupled with his influence in the tech and crypto sector, could be the catalyst Dogecoin needs to usher in a new era of adoption and appreciation.
I am
— Elon Musk (@elonmusk) June 19, 2022
Is it Dogecoin’s time?
Dogecoin is on a roll, up 70% in just one week. It seems that we are at the beginning of a very strong rally. This rally is not just for the sake of it; it is noticeable that the DOGE whales, i.e. those investors who have more than 100,000 tokens, are gathering more coins. This tells us that there is a good deal of confidence in the coin right now.
And with Bitcoin’s fourth halving very close, on April 19, 2024, Dogecoin seems to be on a familiar path. Prior to previous halvings, alternative cryptocurrencies like Dogecoin usually hit a major jump. So, everything points to the fact that it could be a good time for Dogecoin.
This trend, as noted earlier by ETHNews, reflects investors’ search for short-term gains in the face of events that have historically driven the market.
The rhetorical question floating in the air is: Are we witnessing just the beginning of a big climb for Dogecoin? The evidence suggests that we are. The combination of accumulation by significant investors and speculation around the involvement of influential figures like Musk could be setting the stage for a bright future for Dogecoin.
The current price of Dogecoin (DOGE) is $0.1384 USD, experiencing a -2.54% decrease in the last 24 hours . However, Dogecoin has shown impressive performance with an increase of 60.32% in the last week, 74.40% in the last month, and a staggering 120.63% in the last six months .
