Elon Musk bought Twitter for $44 billion on April 25, 2022. He is known to be the richest person in the world and a fan of this cryptocurrency. In turn, this purchase could have a positive effect on the Dogecoin up price. Musk could expand Twitter in the future and include crypto-related offerings. With this in mind, Twitter could become the most popular platform for crypto lovers. Currently, Telegram and Twitter are the most used platforms when it comes to crypto. How could the Dogecoin price continue? Will it increase in the future? Let’s analyze DOGE in this Dogecoin price prediction article.
What is Dogecoin crypto?
Dogecoin is one of the best-known cryptocurrencies on the market. Not because of its technical peculiarities but the project was launched as a parody of cryptocurrency to counter the hype surrounding Bitcoin and various other new cryptocurrencies with something humorous. It is an open-source cryptocurrency that is utilized by internet users globally. The structure is based on Litecoin, indicating that all developments will also be made to Dogecoin.
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Will Dogecoin go up because of Elon Musk?
There may be some new features coming to Twitter that could boost Dogecoin’s price. It is conceivable that the cryptocurrency will be used as a “donation currency”. Thus, Twitter users can donate to people if they have written a highly informative tweet, for example, but not with FIAT currencies such as dollars or euros, but with the cryptocurrency DOGE. This would lead to people buying DOGE on the market to donate. Thus, there could be a price increase as fewer and fewer DOGE tokens will be on the market.
Another thing Elon Musk could introduce would be fees when making a donation. With this launch, Dogecoins would be sent to an external wallet owned by Elon Musk with every donation. However, it does not mean that Musk is getting richer, but that Dogecoins are being taken out of circulation. Thus, the total amount of all Dogecoins decreases, which is why the price could also increase in the long term.
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Dogecoin Price Prediction – Where will DOGE Price reach?
The Dogecoin price could rise a bit in the future based on the fundamental data. Using a fundamental basis, the price could break the $0.16 – $0.18 resistance zone. If that happens, we expect a rally to around $0.28 – $0.31. The next largest resistance is located there, which is why we assume a rejection there. In the longer term, however, we assume that the price will also break this resistance.
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Source: https://cryptoticker.io/en/dogecoin-price-might-boom-thanks-to-elon-musk/