Elon Musk is yet again in the spotlight as the speculation of Dogecoin’s acceptance for Twitter appears to be very close. Earlier, Tesla’s CEO led the global space on fire by completing the Twitter acquisition and firing the top 3 executives in one go. Meanwhile, many analysts believed that he would also bring Dogecoin on Twitter as he is one of the biggest proponents of Dogecoin and believes the memecoin has more use cases than any other asset.
Just a few hours ago, Binance’s CEO, Changpeng Zhao, AKA CZ, offered support to the new Twitter CEO to bring the most popular and highly used social media platform to Web3. CZ also voiced its support for the acquisition deal and $500 million investment, conceding that the move could benefit exchanges that may support crypto payments on Twitter in the long run.
No sooner than CZ revealed his desire, Elon Musk hinted at the possibility of Dogecoin’s acceptance on Twitter.
As expected, the bulls swung into action and increased the price of DOGE significantly. The price gained over 15% in a matter of hours and climbed above $1.43 after consolidating around $1.3 following the recent spike from $0.08. Currently, the trade set-up seems to be completely in favor of the bulls, and hence is expected to have a positive impact on the prices in the next few hours.
Will Dogecoin(DOGE) Price Rally Continue Until the End of 2022?
The DOGE price is expected to maintain an ascending trend for a long time as the buying pressure has accumulated notably. The trading volume maintained a flat action and surged to hit beyond $3.1 billion for the first time since January 2022. Hence uplifting the price above the bearish captivity.
Along with volume, market cap dominance also increased from 0.8% to 1.559%, meanwhile the real market capitalization fell from $20B to the current level of around $12.13B. The volatility of the asset also increased from the low of 0.5% to 1.68%, indicating the value of the coin to sustain a significant price movement in the coming hours.
Collectively, Dogecoin, which was heavily silent for a pretty long time has again proved to be a dominant factor within the markets. With the circulating supply raising by nearly 25% in the past couple of days, it is quite evident that the market participants have again joined the DogeArmy & hence a decent DOGE price rally appears to be imminent!
