Dogecoin (DOGE), the biggest bust coin, has rally recently with Elon Musk’s acquisition of Twitter. In fact, the coin has more than doubled in the past seven days. Many are hoping that Musk will further raise its price by integrating Dogecoin with Twitter. In light of these developments, we’ll take a look at the three analysts’ DOGE assumptions and comments. Here are the details…
Coin Bureau has studied Dogecoin (DOGE) use cases
In a new image update, Coin Bureau host Guy talks about how Musk’s Twitter acquisition could usher in a new era for DOGE. He talks about how valuable the use of BTC and DOGE can be in terms of paying for a random service on Twitter. He says that DOGE’s oversupply indicates “people’s willingness to spend.” The analyst also points out how effortless the use of DOGE will be. “Twitter doesn’t need to set up dozens of affordable payment gateways around the world to use an internet-based currency that’s available for free,” he says. The analyst uses the following words:
Most exchanges rely on DOGE and are estimated to be second only to Bitcoin in terms of recognition. More than one person may not know beyond that…but at least they’ve heard of it. Also, DOGE has a low sticker price, which means that many new to crypto will feel more comfortable compared to something like BTC.”
Searching for use cases for DOGE on Twitter, Guy points to a feature Musk is expected to implement. Koindeks.com As we reported, Musk brought up the subscription service for individuals with “blue ticks” to reduce the social media giant’s dependence on advertising revenue. Guy points to the use of DOGE for this payment. All these factors and more come to a head for DOGE’s current price rise, according to Guy. That said, Guy says DOGE looks very overbought and its rally may be ready to fade.
DOGE volatility increased
Analytics platform Santiment says DOGE’s volatility has increased with Twitter’s recent acquisition. The recognized chest coin hit a seven-month high on November 1 at roughly $0.15. He noted Santiment Musk’s “long-forgotten” influence on Dogecoin. Santiment believes the most recent spike came when Musk posted a photo of a Shiba Inu dog wearing “outfits” with the Twitter logo.
Many believe that Musk’s tweet hints at Dogecoin’s integration into the microblogging platform. The latest speculation comes after the billionaire announced that Twitter will allow creators to monetize their content, and an $8-a-month price for using “Twitter Blue” is possible. Additionally, Musk believes the monthly price will “destroy bots” in his response to Microstrategy’s Michael Saylor.
Is the DOGE rise over?
After such a spike in the price of Dogecoin, investors are starting to wonder how much higher the chest coin can go. The DOGE rally is thought to have slowed as Musk completes the Twitter consensus. However, according to analyst Timothy Craig, if Musk reveals what he has planned for his favorite crypto asset regarding Twitter, the upper truth can make a final attack. According to the analyst, it is a matter of time that the magic of the magical environment created by Musk by sharing DOGE content is broken.
However, the Twitter reception revealed valuable information about Dogecoin and Musk’s involvement with it. According to the analyst, it is clear that the billionaire will continue to advertise DOGE. “If Dogecoin can double its price in less than a week under the current strong macroeconomic conditions, consider how high speculative frenzy could drive it high during a full-blown bull run,” the analyst says.