While not many individuals may have benefited from Elon Musk’s takeover of Twitter, the Doge community is undoubtedly pleased. The Musk effect was correct, and Doge to the Moon is once again on the cards as Dogecoin has risen more than 120 percent in the last seven days.
Many analysts are predicting Dogecoin’s future price direction amid the persistent rumors that the cryptocurrency will merge with Twitter. One well-known analyst has stated that Doge will pave the way for other altcoins to enter the alt season.
Analyst by the alias CryptoKaleo has said that there is a mini altcoin season on the horizon. He wrote on Twitter, “$DOGE / $BTC,Dogecoin is gonna lead the way into this next mini alt szn but you wouldn’t believe it.”
The meme coin posts staggering gains of 56% in the most recent 24 hours and 121% in the previous 7 days. For the first time since the Ethereum “Merge,” the market’s overall tone is upbeat.
On the flip side, the amount of its daily trading increased noticeably along with the jump. According to Santiment, that was also the time when the number of DOGE transactions totaling $100,000 increased. Both signs suggest that the “whales,” are increasing their demand for Dogecoin tokens.
Since Musk originally mentioned taking over Twitter in April, the plan has changed significantly. In the months that followed, the billionaire tried to back out of the agreement, but Twitter sued him to force him to enable the agreement to go through.
Now, many people, including influential figures like Cardano founder Charles Hoskinson and billionaire Elon Musk, think that Dogecoin will become Twitter’s currency or at least one of its payment/tipping choices under the leadership of the tech entrepreneur.