Dogecoin (DOGE/USD) shot up by a staggering 200%+ in the past week, rallying from prices just above $0.06 to hit prices above $0.15 on Tuesday.
The question is why DOGE is going up, with today’s uptick seeing the meme coin trend as one of the hottest cryptocurrencies today among the top coins by market cap.
To get the answer as to why Dogecoin has skyrocketed in recent days, you’d have to put the words Twitter and Dogecoin in the same sentence. And a crypto expert has explained what could be the ‘most bullish outcome for DOGE’ in this scenario.
Is Doge the future of Twitter?
Elon Musk finally completed his $44 billion takeover of Twitter, the social media company the billionaire Tesla and SpaceX CEO has used previously to comment on Dogecoin.
Marcus Sotiriou, a crypto analyst with digital asset broker GlobalBlock, says the massive rally for DOGE price this past week is down to what possibilities Musk’s acquisition of Twitter could have for the meme coin.
He says the deal has once again thrust Doge into the spotlight across the crypto market, pushing its price up 2.7x. According to the analyst, the possible integration of DOGE as Twitter’s currency is sending the crypto community wild.
Doge is already one of the most widely accepted cryptocurrencies for payments, but what if Elon Musk makes it the official currency of Twitter?
“I would not rule this out, as Elon has made his admiration for DOGE abundantly clear, even Tweeting an image about DOGE on Halloween.”
Indeed, as we covered in June, Musk has bought Dogecoin. He supports the cryptocurrency and has the capacity to take a huge move such as integrating it on his social media platform. Would this be bullish for DOGE?
Sotiriou says it will, but then suggests what he believes would be an even better outcome for DOGE than Musk making Dogecoin the official currency of Twitter. He said in a note sent to clients on Tuesday:
“I think the most bullish outcome for DOGE could be for Twitter to never actually integrate it into the platform. If Elon continues to tease the crypto community for years, people’s imaginations about the potential opportunities will be far greater than the actual reality of DOGE being integrated.”