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

Simon Chandler
Last updated: | 3 min read
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.

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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.

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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 will 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.

Presale Tokens for More Precipitous Gains

For traders lacking the patience to wait for XRP’s steady climb to $1, or for traders who simply want to diversify, newer altcoins and presale tokens may the way go for quicker and bigger returns.

One of the most exciting presale tokens in the market at the moment is Evil Pepe (EVILPEPE), an ERC-20 meme coin that launched its sale only a week ago.

It has already raised more then $800,000 so far, with the sale having seven days left to run and aiming to raise a total of $1,996,002.

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90% of EVILPEPE’s total maximum supply (6.66 billion) will be reserved for its presale, making it one of the most decentralized meme tokens in the market.

Such decentralization is a big part of the reason why EVILPEPE has been able to attract so many investors, who have clearly been given some reassurance that the meme coin won’t be subject to a dramatic rug pull or selloff by its issuers.

This has motivated investors to rally behind the token and form a growing community, which will help the coin sustain its growth once it lists on exchanges in the next couple of weeks.

New investors can join the sale by visiting the official Evil Pepe website and connecting their crypto wallets, with 1 EVILPEPE costing only $0.000333.

The presale has only one stage and will end in just under week, at which point the coin will list, potentially making its early investors a considerable profit.

Visit Evil Pepe 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.