Dogecoin Price Prediction as Elon Musk Puts Doge Symbol in His Twitter Bio – Can DOGE Hit $1 This Year?

Source: TradingView

The price of Dogecoin (DOGE) has gained by 1.5% in the past 24 hours, climbing to $0.078600 after Twitter rebranded to ‘X’ and Elon Musk put the cryptocurrency’s logo in his bio on the social network.

While these two developments occurred a couple of days ago now, the momentum they caused has continued to boost DOGE, which is up by 14% in the past week and by 18% in the last 30 days.

And with Twitter’s rebranding suggesting that DOGE and/or cryptocurrency payments on the social network may not be far away, the meme token could be in for even bigger gains in the not-too distant future.

Dogecoin Price Prediction as Elon Musk Puts Doge Symbol in His Twitter Bio – Can DOGE Hit $1 This Year?

DOGE’s chart suggests that the coin may be about to correct after its growth earlier in the week, with its relative strength index (purple) beginning to fall after passing 70 a couple of days ago.

Source: TradingView

This suggests a loss of momentum, and while DOGE’s 30-day moving average (yellow) remains comfortably above its 200-day (blue), it’s at a high enough level to suggest that it should begin falling very soon.

And the fall could be relatively large, given that DOGE’s current price is a long way above its medium-term support level (green).

Still, the sentiment surrounding DOGE at the moment remains positive, given Twitter’s aforementioned name change and Musk’s latest nod to the meme token.

Twitter’s rebrand to ‘X’ is only the latest step in Musk’s long-term plans to transform the social network into a kind of ‘everything-app’, with which users can not only post tweets but buy goods and transfer funds.

Indeed, the entrepreneur’s purchase of Twitter was intended to lead to such a transition from the very beginning, as highlighted in the tweet below, whcih was from October 2022.

And as part of this transition, observers expect X to introduce cryptocurrency payments sooner or later, including DOGE payments.

Whether this will happen anytime soon, however, is anyone’s guess, while it’s not certain that DOGE would be used exclusively by X, especially when it may be planning its own digital currency.

DOGE holders should therefore not get their hopes up, although there’s no doubt that the meme token would rally massively if it were to be integrated into X ahead of other coins.

Indeed, from its current lowly price of roughly $0.078 it would surge to $0.01 and $0.02 in a matter of weeks after an integration, with the coin soon losing its final decimal place not long after.

And without any integration, it may need the rest of 2023 to reach such targets.

Newer Meme Tokens Emerging as Rivals

The uncertainty surrounding DOGE at the moment may lead traders to look elsewhere for faster gains, with presale tokens being among the most profitable coins this year.

One of the biggest presale coins – in terms of the amount raised – is currently Wall Street Memes (WSM), a new ERC-20 token that has already attracted over $17.8 million in investment.

Source: Wall Street Memes

Wall Street Memes is a meme coin that has appeared out of the meme stocks movement, which instigated the 2021 AMC and GameStop rallies.

Impressively, its Twitter account now counts more than 255,000 followers, providing a sign that it already has a strong following.

Not only has its incipient community helped it raise nearly $18 million, but it will also help support WSM’s price when the altcoin lists on exchanges in the next few weeks.

This is important, because far too many new meme tokens tend to fade away far too quickly after initial surges, with WSM looking as though it has enough of a community to enjoy sustained rallies over time

50% of its supply has been allocated to its presale, while another 30% has been earmarked for community rewards, helping to make WSM a relatively decentralized meme token.

New buyers can join WSM before it lists by going to the official Wall Street Memes website, before connecting their crypto wallets.

1 WSM currently costs $0.0322, with the meme token’s sale ending at a price of $0.0337, which may end seeming cheap once it gains a few exchange listings.

Visit Wall Street Memes Now

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.