by: John P. NjuiPosted on:

Dogecoin’s Rising Due to Elon Musk Buying Twitter, Could Mark the End of the Crypto Bear Market

Summary:

  • Dogecoin has been on a constant rise since Elon Musk was confirmed as the new owner of Twitter
  • DOGE’s fortunes could translate to a bottom in the crypto markets as interest in Twitter and Elon Musk’s plans for the platform grows
  • Crypto Twitter members that were once shadow-banned are claiming that their time in Twitter jail has ended, meaning more exposure and more discussions regarding crypto

The popular meme-coin, Dogecoin (DOGE), has been on an impressive climb since Wednesday when Elon Musk walked into Twitter headquarters holding a bathroom sink. Elon’s entrance with the sink was a literal translation of the online joke ‘let that sink in,’ marking the finalization of his acquisition of the company.

Dogecoin HAs Gained by 77% Since Elon Musk Was Confirmed as Twitter’s New Owner

Before Elon Musk walked into Twitter holding a bathroom sink, Dogecoin was trading at the $0.060 price area. Dogecoin has since risen by 77% to a local high of $0.10954 despite all indicators hinting at an overbought scenario.

The one-day DOGE/USDT chart below, courtesy of Tradingview, further shows that Dogecoin is in bull territory, trading above the 50-day (white), 100-day (yellow), and 200-day (green) moving averages.

Dogecoin’s Rise Could Mean A Bottom for Bitcoin and Crypto

Dogecoin’s fortunes in the crypto markets could translate to a potential bottom for Bitcoin and crypto for the following reasons.

  • Elon Musk is a known proponent of Dogecoin, and its visibility will translate to renewed interest in the general spectrum of digital assets
  • Crypto community members who were once shadowbanned by the previous Twitter leadership, such as PlanB, now claim to have their accounts back to normal. This means that they can now engage their followers and kickstart crypto-centric conversations on Twitter, leading to potentially renewed buyer interest in digital assets
  • Elon Musk has long been rumored to have plans of integrating Dogeocin onto Twitter. If the plan becomes a reality, it is highly likely other digital assets will also be supported on Twitter
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