Cryptocurrency attacks by Elon Musk and his companies have always resulted in a rally. The tech billionaire’s acquisition of Twitter is seen as the catalyst for the next bull run.
Elon Musk and Twitter breakthrough blow this altcoin
Dogecoin gained over 100% in just 7 days after Tesla CEO Elon Musk bought social media giant Twitter. Musk is widely touted as the “Dogefather” because he frequently mentions cryptocurrencies. The famous billionaire has had a very hot and cold relationship with DOGE since last year. He previously shared a lot of memes about DOGE and introduced it in his tweets.
Currently, Musk’s companies The Boring Company, SpaceX and Tesla accept Dogecoin as payment. SpaceX even named its 2022 lunar mission DOGE-1. Dogecoin has witnessed sharp fluctuations in the past due to Musk’s tweets and announcements. The billionaire’s idea of using Dogecoin for the priced version of Twitter is the next bull catalyst. Koindeks.comIn this article, we discussed Musk’s statements after purchasing Twitter.
However, his tweets about cryptocurrencies got him in trouble. A number of Dogecoin investors have argued this summer that they deliberately inflated the price of Dogecoin. Therefore, they dragged Musk and his companies into a $258 billion lawsuit on the grounds of speculation. In response, Musk stated in June that while he supports the cryptocurrency, he does not advise anyone to invest in this space.
Dogecoin ‘best crypto’ in the long run
Anndy Lian, author of “NFT: From Zero to Hero,” says Dogecoin has a history of price action and is in close contact with Musk. The veteran analyst, in his current analysis, mentioned Dogecoin as a decent investment tool:
Dogecoin has a strong community foothold. Dogecoin sub Reddit has over 2.2 million subscribers. Also, I think it is an advantage that Dogecoin is inflationary. There are several reasons for using deflationary currencies such as Bitcoin. Dogecoin may never be used as money. But Dogecoin’s inflation trend ranks it in the middle of the best cryptocurrencies in the long run.
Anndy Lian adds that as long as Elon is still on Dogecoin’s side, in the short term, we will see more rallies before the end of the year as they prepare their plans for Twitter.
Dogecoin targets these levels from the new year
Elsewhere, Akash Network’s Aliasgar Merchant said that Dogecoin’s reversal of the current trend appears sustainable. Merchant also thinks that the leading chest coin could easily reach 0.50 solar before the end of the year:
Dogecoin hasn’t made it past the $0.30 end since last August, but with Musk’s takeover of Twitter, memecoin’s usage has skyrocketed, and there’s no reason why it shouldn’t hit $0.50 before the new year.
Information from IntoTheBlock shows that around 27,000 addresses have amassed 5.89 billion DOGE tokens at these levels. Therefore, Merchant added that Dogecoin will see a strong reinforcement in the middle of 0.0772-0.0792 levels.
Elon Musk news moves whales too
In the midst of this, whale watching bot Whale Alert tweeted that 286 billion DOGE, worth $22 million, flowed into Binance from “the 20 largest wallets.” Meanwhile, Dogecoin ranks 10th by market cap. Dogechain, the layer-2 scaling solution, supports some of this volume. Dogechain has started the voting process for the token burning process. Thus, DOGE fueled a bullish sentiment amid investors.