Dogecoin Price Prediction as Elon Musk Reveals He’s Considering Crypto Payments for Twitter Can DOGE Hit $1?

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Source: Trading View

The price of Dogecoin jumped 8% today to $0.092839 after reports yesterday that Twitter owner Elon Musk is determined to move forward with integrating payments into the social network. DOGE is now up 11% in a fortnight and 32% on the news as the market expects the meme token to be one of the biggest beneficiaries of Twitter’s crypto game.

The market has long expected that Twitter will see dogecoin payments one day, and if that expectation comes true, there is no doubt that DOGE will rally massively accordingly. However, the latest reports make no explicit mention of dogecoin itself, and with Twitter also reportedly working on its own digital currency, there is no guarantee that the social network will adopt DOGE.

Dogecoin Price Prediction as Elon Musk Reveals He’s Considering Crypto Payments for Twitter – Can DOGE Hit $1?

The DOGE chart clearly indicates that the altcoin is currently experiencing a breakout rally, with its Relative Strength Index (purple) hitting 70 due to increasing momentum. At the same time, its 30-day moving average (red) has crossed above its 200-day average (blue), again indicating that a breakout – of indefinite duration – is currently underway.

Source: Trading View

The main reason for today’s rally is an article published yesterday on the Financial Times website, in which insiders tell the outlet that Twitter is accelerating its payment plans, with the social network already applying for regulatory licenses through United States.

The report also mentions that Twitter’s payment services will be “built in a way that crypto functionality can potentially be added in the future.” This is the only mention of the cryptocurrency in the entire report, but it was apparently enough to spark a dogecoin rally, with the coin hitting a 24-hour high of $0.095126, after a 24-hour low. of $0.085494 (a gain of 11%). ).

Of course, it’s worth pointing out that at no point did insiders speaking to the Financial Times mention DOGE. They also seemed to suggest that Twitter’s payment services would only involve fiat currencies to begin with, and then there’s the fact that, just as we saw with Facebook-Meta, Twitter could encounter considerable regulatory pushback.

As such, it would be very premature to start buying masses of DOGE thinking it will hit $1 soon. Indeed, the past few weeks have brought news of a so-called “Twitter Coin”, a supposedly in-house digital currency that may end up negating the need for Twitter to use dogecoin (or any other existing cryptocurrency).

Yet despite such reservations, it’s probably safe to say that if he gets his way, Elon Musk will ensure that Twitter has cryptocurrency payouts somewhere down the line (although that may even take some time). years). And just to please dogecoin holders, chances are DOGE will go up massively if Twitter takes it on board.

With this possibility in mind, DOGE proponents continue to target $1 as the medium to long-term price of the altcoin.

In contrast, observers outside the Dogecoin community continue to offer more realistic goals. For example, a panel of experts predicted in December that DOGE would end the year at $0.08 (it actually closed around $0.07) and then rise to $0.19 by 2025.

Needless to say, such conservative goals are likely to disappoint hardcore DOGE fans. But in a world where Twitter adoption can’t be taken for granted, they’ll likely end up being more accurate than anything a DOGE holder might suggest.

This is not to say that DOGE solely depends on Twitter for price movements. It also had a small year-end rally when it was listed by Bitstamp, which CoinMarketCap says is the world’s fifth-largest exchange by volume.

This shows that there may be a little more going on with DOGE than just hoping that Elon Musk will save him.

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If you’re looking for other high-potential crypto projects alongside DOGE, we’ve reviewed the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Talk team.

The list is updated weekly with new altcoins and ICO projects.

Disclaimer: The Industry Talk section features information from crypto industry players and is not part of the editorial content of Cryptonews.com.

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