Dogecoin (DOGE) has once again taken the crypto world by storm, with its price surging over 30% within just four hours after Elon Musk changed Twitter’s logo to the symbol of the “meme coin”. Musk’s decision sparked a frenzy of attention on social media and mainstream news outlets.
DOGE’s sudden price surge has investors hoping for a similar contagion effect on other cryptocurrencies, with some speculating that Love Hate Inu could be the next project to benefit from the positive attention.
Musk’s latest move is viewed as an attempt at humor by the eccentric billionaire, who is currently facing a $258 billion lawsuit alleging that he and his companies promoted a crypto pyramid scheme. By changing Twitter’s logo to DOGE, Musk may be trying to leverage the social media platform’s power to have the lawsuit dismissed.
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Although many in the crypto community have dismissed the lawsuit as frivolous, Musk seems to be taking matters into his own hands. Meanwhile, DOGE’s price has surged to $0.1048, the highest it has been since December 2022, marking a 67% increase from its lows in March.
DOGE’s Future Trajectory
DOGE’s recent price surge is undoubtedly a positive event for its holders, but it remains to be seen whether the coin’s upward momentum can be sustained. Historically, DOGE’s price movements have been driven primarily by hype, as evidenced by its initial bull run in 2021, which was fueled by public discussions of the coin by Musk and other celebrities.
While Musk’s recent support of DOGE is a positive development, the coin is still considered a “meme coin” and lacks any real underlying value. This means that its price movements are likely to be volatile, with investors always on the lookout for opportunities to take profits.
At the moment, it appears that retail investors are selling as DOGE approaches the significant psychological barrier of $0.10. The long wick on the 4H price chart indicates that the price has already sharply retraced from its peak at $0.1048. However, if DOGE manages to close above the $0.10 level on the 4H timeframe, it could confirm the bull run, and the next target would be the resistance region at $0.11, which held up the price in late 2022.
In contrast, if the price rejects $0.10, we could see a steady decline back to pre-surge levels. The battle between buyers and sellers for supremacy at the $0.09 region suggests that the coming days will be crucial in determining DOGE’s future trajectory. Investors will need to decide whether to hold or sell, depending on the coin’s performance in the coming days.
Conclusion
Dogecoin’s recent price surge following Elon Musk’s Twitter logo change has generated considerable buzz in the crypto community. While DOGE’s upward momentum is undoubtedly positive for holders, it remains to be seen whether it can be sustained. Investors will need to monitor the coin’s performance closely, with the coming days likely to be crucial in determining its future trajectory.
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