Dogecoin with new twitter X Since Twitter changed its name to “X” in the last 24 hours, the price of Dogecoin has increased by 5%, rising to $0.075537. Owners of DOGE have interpreted the modification as an indication that Elon Musk intends to advance his plans according to Twitter, which is meaning for certain implies that he would include cryptocurrency payments, including Dogecoin, to the social media platform. DOGE has increased by 2% in the previous hour due to the resurgence of this expectation, while the token used for memes has increased by 6% over the past week and by 12% over the past 30 days.
To presume that Twitter’s renaming signals the integration of DOGE payments any time soon, however, would be premature given that nobody at the social media firm has brought up the notion since Elon Musk acquired it in October 2022. Following Twitter’s makeover, DOGE’s indications have surged recently, however it’s unclear how long the present momentum will endure. As an illustration of strong incoming momentum, DOGE’s relative value index (purple) soared up to 70 a few hours ago.
The fact that it has subsequently fallen back to 60 suggests that the DOGE surge may already be slowing down. However, the altcoin’s 30-day average movement continues to climb above its 200-day moving average (blue), suggesting that it may yet increase further in the next hours or days. The DOGE resistance barrier (green), which has been progressively increasing over the previous few weeks and given the altcoin a higher foundation from which to seek new heights, also points to this likelihood.
As was already mentioned, Musk’s company, Elon Musk, and Twitter, which has changed its name to “X” and its iconic bird emblem, are to blame for Dogecoin’s current strength. With some observers observing that Elon Musk has updated the coordinates on the Twitter/X profile to “X” (with the former being Dogecoin’s symbol), this has led some people to speculate terribly that the general availability of digital currencies or at least DOGE payments isn’t that far off.