2023-7-26 02:00 |
Dogecoin remains one of the popular coins despite the crypto bear market and its resilience has seen it garner a significant following. And now, after a long and stretched-out downtrend, a crypto analyst has sounded the buy alarm for the meme coin, giving reasons for this.
Time To Buy Dogecoin?According to a crypto analyst known as Kaleo on Twitter, Dogecoin’s current range is a good place to buy. The reasoning for this revolves around expectations that billionaire Elon Musk will integrate the meme coin as a payment method for Twitter.
This comes after the billionaire recently incorporated the infamous DOGE logo on his Twitter profile, placing it next to X, the new symbol for the social media platform. And as Kaleo points out, “There’s a solid chance he actually does something this time though, and him including it in his bio at the same time as the X rebrand isn’t just a coincidence.”
However, the analyst also points to the fact that this may not be a completely smooth ride for the altcoin. For example, Kaleo explains that Dogecoin’s current rally could reach a cool-off period where it falls in line with the general crypto market trend. But he added that it would be a good idea to “accumulate on any dips we get from here.”
What Happens To DOGE If It Is A Payment Method On Twitter?Dogecoin becoming a payment method on the Twitter platform (now X) has been long-awaited by not just the DOGE community but the broader crypto market. This is because such an integration will give the cryptocurrency its most significant use case to date, while also exposing it to the hundreds of millions of users of the social media platform.
Historically, whenever Elon Musk has tweeted about the meme coin, it has led to a rapid increase in price. So it is expected that such an announcement of Dogecoin being a verified payment method on Twitter will lead to an at least 100% rally for the digital asset.
If DOGE were to be integrated as an accepted form of payment on Twitter, it is possible that the price of the meme coin will rally toward $0.2. However, “it’ll happen fast, and the entire timeline will say it was obvious in retrospect,” Kaleo explains.
For now, DOGE’s price is still trending at $0.077, a 9% increase from its Monday price, according to data from Coinmarketcap. Nevertheless, DOGE remains the 7th-largest cryptocurrency with a market cap of $10.89 billion.
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