Dogecoin’s (DOGE) price performance has been heavily dependent on Elon Musk and the development of Twitter 2.0. This Wednesday, DOGE achieved its highest point in two weeks. The 8th ranked memecurrency restored its key resistance level of $0.10 and gained 35% over the last seven days.
What Triggered the Boost for DOGE?
As most of the TOP 100 cryptocurrencies are still bouncing back from the drama caused by the sudden downfall of FTX, Alameda Research, and its founder Sam Bankman-Fried, double-digit gains in weekly terms had become a rare thing. However, the popularity of DOGE helps the canine coin overcome the obstacles with #Dogecoin and #DogecoinToTheMoon constantly trending on Twitter.
More importantly, the work on Twitter’s Crypto Wallet has resumed, which sparked bullish sentiment for DOGE. Firstly, Twitter Boss Elon Musk reinstated his love for the coin with his “Dogecoin to the moooon!” chant on the platform. A few days later, YouTuber David Gokhshtein posted a message saying that Musk is collaborating with Ethereum’s (ETH) founder Vitalik Buterin on Twitter 2.0.
Furthermore, heated discussions over Elon Musk’s Tesla Smartphone had taken over Twitter. The idea was made known right after Apple threatened Twitter and its CEO that it would delete the Twitter app from the App Store. Naturally, this has caused an immense backlash on the platform, with crypto enthusiasts bashing Apple’s greediness and keenness on censorship.
Not just everything you buy. If you subscribe to Netflix on your iPhone they take 30% of that too.— Whole Mars Catalog (@WholeMarsBlog) November 28, 2022
Will Dogecoin (DOGE) Maintain the Key Support Line?
At press time, Elon Musk’s and the DOGE Army’s cherished canine coin is changing hands at $0.105428, according to CoinGecko. Besides the substantial weekly growth of 35%, DOGE grew by another 3.2% in the last 24 hours. However, the question remains of when the popular memecoin can head for a breakout and get closer to the moon.
On the Flipside
- Vitalik Buterin hasn’t confirmed his role in the Twitter Crypto Wallet development.
- Elon Musk has been smacked with a $258 billion class-action lawsuit for building the DOGE Pyramid.
Why You Should Care
DOGE, the most popular memecurrency, has the potential to ignite a bull run for cryptocurrencies. This often was the case in 2021 and 2022, with both popular canine coins considerably moving up the crypto charts.
Find out the latest developments in memecoins: