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Dogecoin’s value soared over 30% today after Elon Musk’s Twitter adopted the meme coin symbol as its logo. The change comes after his recent request to dismiss $258 Billion Dogecoin Lawsuit He is facing
After reaching a peak price of $0.1016, Dogecoin has retraced 8.8% and is now trading at $0.091.
Is the recent jump in the price of Dogecoin a sign of things to come for other meme coins? Or is this simply a reflection of the pump power a single tweet from Elon Musk can do?
The Doge Days of Twitter: A New Icon, a New Era
The correlation between the recent price increase of Dogecoin and the logo change of the social media juggernaut is undeniable. Twitter’s decision to (at least temporarily) replace its iconic bird with Dogecoin’s similarly iconic Shiba Inu face has put the cryptocurrency in the spotlight thanks to the platform’s 360 million monthly active users.
The development, along with Musk’s Twitter posts featuring a meme alluding to the permanence of the rebrand, has generated much buzz on Twitter, with many speculating that the move is not permanent and will only last through April. It’s a fool’s joke in the end.
musk twitter and dogecoin incident
Throughout the years, Elon Musk has shown an interest in influencing the prices of various cryptocurrencies, with Dogecoin being one of his favorite targets. Kasturi’s Twitter activity has repeatedly demonstrated its ability to influence the value of the meme coin.
under the self-titled titledogfather“As Your Support of Dogecoin”people’s crypto,” tweets from the CEO certainly played a significant role in the ups and downs of the coin market.
In September 2022, Musk’s electric car company Tesla released a series of Cybertruck inspired whistle With a price tag of 1,000 DOGE (or $60 at the time). This unconventional pricing strategy further cemented the relationship between Musk and Dogecoin.
Musk’s collaboration with Dogecoin developers also led to a 25% reduction in the coin’s carbon emissions, proving that the entrepreneur’s involvement in the project goes beyond mere tweets.
However, Musk’s Twitter presence has also raised concerns about possible market manipulation. The billionaire’s history of impulsive tweets has already cost him dearly $20 million fine from the US Securities and Exchange Commission in 2018 following misleading statements about Tesla’s stock.
As Musk continues to wield influence over the cryptocurrency market, questions about the ethics of his actions become increasingly relevant.
A Legal Minefield: Musk and the $258 Billion Lawsuit
In June 2022, Musk’s actions landed him in trouble once again, as a Dogecoin investor filed a complaint. $ 258 billion lawsuit against him, Tesla and SpaceX. The plaintiff, Keith Johnson, alleged that Musk’s promotion of Dogecoin on Twitter was part of a pyramid scheme designed to inflate the coin’s value before it crashed.
Musk’s legal team has denied these claims, arguing that sharing humorous pictures and expressing support for one cryptocurrency Cheating cannot happen on Twitter.
oysters last week requested a US judge to dismiss the suit.
As the influence of celebrity endorsements and market speculation continues to fuel meme coins, the potential for other meme coins such as love hate inu is high to experience a similar price increase. More on this below.
But first, let’s examine the technical indicators of Dogecoin to better understand its potential future price trends. The following analysis highlights the technical aspects that could influence the market trajectory of Dogecoin in the coming days.
Dogecoin on the cusp of a bullish breakout? Technical indicators point to rising momentum
Dogecoin (DOGE) is currently experiencing significant price volatility, reaching an intraday high of $0.10500. The price has stabilized a bit as of writing, but is this a sign of a bullish reversal for the most famous meme coin, or is it just a failed breakout?
EMA crossover
The 20-day EMA for Dogecoin currently stands at $0.07713, while the 50-day EMA stands at $0.07776, and the 100-day EMA at $0.07941. The convergence of these EMAs suggests that the price trend of Dogecoin is stabilizing, and a bullish crossover could be in the works.
RSI and MACD Indicators
RSI is a momentum oscillator that measures the speed of price movement and change. Currently, the RSI for Dogecoin stands at 67.15, which is significantly higher than the previous day’s RSI of 55.15. This indicates that the buying pressure has increased, and the market sentiment is still bullish.
The MACD histogram for Dogecoin has moved up from 0.00096 to 0.00163, further supporting the bullish sentiment.
resistance and support levels
At the time of writing, Dogecoin is trading at $0.09140, representing an increase of 15.65% year to date.
Dogecoin is currently facing an immediate resistance in the $0.10666 to $0.10794 range. If the price clears this level clearly, the next resistance area to watch is the $0.13562 and $0.13812 area.
On the other hand, if a failed breakout occurs, an immediate potential support could be found at $0.09571 to $0.09718, followed by a more important support area at $0.08980.
Technical indicators for Dogecoin suggest that a bullish reversal could be in the offing. However, because the rise in the coin’s price was the result of a marketing ploy by Twitter, it is uncertain how the near-term price movement of Dogecoin will play out.
Love Hate Inu: Dogecoin Alternative With More Potential Upside
For a less risky meme coin that could benefit from the recent move as Dogecoin loses momentum, traders can look to love hate inuWhich could have more potential upside in the current Mem Coin rally.
Love Hate Inu, the upcoming vote-to-earn (V2E) memecoin initiative, has raised $2.67 million from investors just weeks after its presale launch. The project aims to transform the traditional survey sector by introducing a utility-oriented V2E mechanism and state-of-the-art blockchain technology that can provide substantial returns for early adopters of the $LHINU token.
Typically, meme cryptocurrencies rely on media hype and communities of enthusiasts for their success. However, when the hype subsides it often results in decline, as most meme projects lack sufficient use cases for global industries.
Love Hate Inu aims to break this mold, becoming the first meme coin to offer both versatile utility and viral popularity. With a light-hearted and meme-inspired design, Love Hate Innu plans to tap into the $3.2 billion survey industry to solve some of its challenges, including censorship and lack of rewards.
Deployed on the Ethereum blockchain, it enables MemCrypto members to vote on a variety of polls and surveys, including controversial and debatable issues. All votes are recorded on the blockchain, guaranteeing transparent, authentic and tamper-proof results, rewarding users and giving brands the data they need to advance their products.
For Dogecoin, traders should keep an eye on the mentioned resistance and support levels to gauge market sentiment and make informed decisions. As always, exercise caution and adopt risk management strategies when trading volatile markets.