Saturday, April 13, 2024

Elon Musk’s Twitter Takeover – What Will Happen To Dogecoin?

Introduction

Dogecoin has become one of the trending Cryptocurrencies since October 2022. The desire to invest in Dogecoin increased massively in late October after the news of Elon Musk’s takeover of Twitter. Shortly after the deal was completed, the newly appointed CEO of Twitter – Matt Wallace announced via his tweet; that his administration is committed to protecting Dogecoin using the Twitter platform. He further hinted that they hope to make Dogecoin the official cryptocurrency for making payments and giving tips on Twitter and other social media platforms. 

This strong endorsement given to Dogecoin on the platform has caused the price of its price to rise massively afterwards, especially as more investors became attracted to the Dogecoin project.

Many today are still curious to learn what will eventually happen to Dogecoin after the recent Twitter takeover by Elon Musk. Well, this work will have you learn more about this and the different forecast made for Dogecoin to attain in 2023. 

What is Dogecoin? 

Dogecoin (DOGE) is a meme coin created in 2013 and used to ridicule some of the traditional practices found in Bitcoin. It was afterwards posed as an alternative to Bitcoin in 2013 with an unlimited supply. Dogecoin adopted the Shiba Inu dog head as its logo and has been described as – Dogecoin killer (its rival cryptocurrency). 

Dogecoin rallies 150% after Elon Musk takeover – Will the bullish trend continue? 

The price of Dogecoin has surged immensely from October up to the first week of November. The price had yielded over 150% returns from its low in October at $0.05930 to the new high created at $0.15893 in November 2022. 

The sudden rise in the price of Dogecoin was as a result of Elon Musk’s takeover of Twitter and his Tweets afterwards showing Dogecoin as poised to fly to the moon. This triggered a massive buy for Dogecoin pushing the price to a new high.

Nevertheless, the price of Dogecoin has retraced afterwards falling to a new low during the second week of November at $0.07759. Many traders have become curious to know if the previous high was the last to expect from this coin in 2022 and the possible target for Dogecoin in 2023. 

Will the bullish trend for Dogecoin continue? This has become the pressing question about Dogecoin today. 

However, it is good to mention that the current fall in the price of Dogecoin could be traced to the massive dip in Bitcoin and other Cryptocurrencies caused by the liquidation of the FTT token after the FTX exchange suffered a liquidity tussle. This exposed the vulnerability of decentralized exchange and forced many investors to sell off their crypto assets out of panic.

Virtually all crypto assets witnessed a massive price crash during the second week of November and Dogecoin prices too were badly affected. 

Notwithstanding, investors have maintained a bullish outlook over Dogecoin and still hope the price will recover again. 

What is the target price for Dogecoin in 2023

The increasing demand for Dogecoin at the tail end of 2022 has led many analysts to forecast higher price targets for this coin in 2023. Many today except this coin close the year above $0.30. 

Others believe that this coin will likely revisit its previous all-time high created at $0.73995 before the end of 2023. A few others see the price of Dogecoin clearing at least $1.00 by 2023. 

Notwithstanding these predictions, it is good to note that the performance of Dogecoin is expected to remain subject to Bitcoin’s dominance in the market especially if the bearish trend continues into 2023.

Sam Allcock
Sam Allcockhttps://www.abcmoney.co.uk
Sam heads up Cheshire-based PR Fire, an online platform that has already helped over 10,000 businesses to grab widespread media coverage on their news at an extremely accessible price point.

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