This Is Why The Dogecoin Community Is Bullish Elon Musk Twitter Deal

Dogecoin’s highest trading price in the last seven days is $0.06662, recorded on 6 October 2022.

Since the beginning, the Dogecoin community has been the major participant behind Elon Musk’s decision to acquire Twitter(Social Media Platform). Musk, who appeared Stuck in a game of cat and mouse with the social media giant over the past few months, eventually relented and agreed to buy Twitter for a previously agreed-upon price of $54.20 per share.

Elon Musk is a DogeCoin enthusiast who always states meme coin is among his favourite cryptocurrencies. Musk has been promoting this particular coin several times, and in 2021 the price of the coin rapidly increased and achieved unprecedented milestones.

Earlier, Musk Promoted Dogecoin and started accepting meme coin payments in some of his companies, including Tesla Merchandise.

In April this year, Musk proposed a deal with Twitter’s executive board to buy out the micro-blogging site for $44 billion. The board accepted the offer after a few days.

However, in July, Musk tanked the deal, alleging that Twitter had not fully disclosed details regarding spam and fake accounts.

When Musk cancelled the deal, Twitter filed a lawsuit against Musk to force him to go ahead with the deal.

Dogecoin’s price is presently trading at $0.6232, which is close to its 20 days EMA, signifying that the price has fallen to a lower extent. Moreover, DOGE has lost its price by around 30% in the last 30 days of market sessions, which initiates an imbalance for the bulls to hold the pressure from the aggressive bears.

DOGE forms a higher high formation, last at $0.8960 on 16 AUG, then after the price continues to be in the downtrend. However, the key support is at $0.5580, and the strong resistance is at $0.6830, which is the immediate hurdle for DOGE.

Despite that, the bulls try to regain the momentum indicated by the MACD indicator that the bullish crossover implies on 22 SEP. After that, the short price recovery from the lower bottom was seen.

Billy Markus and two of his co-founder, Jackson Palmer and Oregan created Dogecoin(DOGE), established from the inspiration of the widely famous internet meme “doge,” and the coin features the pre-designed Shiba Inu in its logo.

The creators of Dogecoin Cretors created this cryptocurrency just for fun. Still, as time passed, the coin gained popularity, and many times Elon Musk praised Dogecoin and said it is his favourite crypto.

According to data from CoinMarketCap, While writing this article, Dogecoin is trading at $0.06226 with a 24-Hour market volume of $286,873,398.

As per analytical data, there are approximately 4 million Doge holders globally, but a huge number of them hold a very little amount of tokens, from 10 to 100 doge, in their wallets. Regardless, large entities hold the major Dogecoins.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing