In today’s trading session, Dogecoin (DOGE) has performed well. Just when the majority of the cryptocurrencies were experiencing downtrends, DOGE became the only gainer among the top crypto.
Elon Musk’s Magic has worked
The latest tweet made by Elon Musk, the new owner of the social media giant, Twitter, helped surge DOGE’s trading price. This means that Elon Musk’s magic has finally come back to life.
Elon Musk recently tweeted “DOGE to the moon”, which triggered a strong rally in favor of DOGE. In 2021, whenever Elon Musk tweeted directly or indirectly about DOGE, it triggered a rally.
The investors would flock directly to the crypto exchanges and trading markets to invest in DOGE. However, as the year 2021 came to conclusion, Elon Musk’s charm ended.
The crowds were no longer driven by Elon Musk’s tweets and a major positive factor had died down for DOGE.
However, as Elon Musk acquired Twitter in October 2022, the DOGE community is hopeful something positive would come out of it in favor of the meme coin.
Therefore, whenever Elon Musk throws a hint at DOGE, its price shoots up.
DOGE’s Recent Performance
This is the very reason the price of DOGE rose in Saturday’s trading session. DOGE ended its Friday trading at a low of $0.0793 but its value rose in the next 24 hours.
By Saturday, the trading value of DOGE rose by 6%. The recent surge has helped DOGE breach $0.08900, the key resistance level.
Musk’s Claim for DOGE
In the year 2021, Elon Musk hinted that he could go for the acquisition of Twitter. At that time, he had proposed that Twitter must expand its jurisdiction to cover more sectors.
As per him, Twitter had the potential to grow beyond its social media perception. It could even relaunch itself as a payment processing platform. For this purpose, Musk proposed that Twitter should adopt DOGE.
This is what gave birth to the idea of Twitter adopting DOGE. As speculations started to rise that Musk was interested to buy Twitter, the DOGE community was extremely excited.
They were and still are hopeful that Elon Musk would one day integrate DOGE into Twitter. This means that Elon Musk’s magic words do work like a lucky charm for Dogecoin.
Elon Musk has recently revealed that he has been doing whatever he can to bring back DOGE’s lost glory. He is trying his best to come up with the most suitable usage for DOGE, before integrating it into Twitter.
For now, Twitter seems to be suffering from a bad situation but if things work out fine, DOGE’s price would be destined for higher gains.
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