Every DOGE has its day. At least three market catalysts reveal that Dogecoin could climb at least 50% by the end of Q3/2022.
as one of the official payment mediums for Twitter’s subscription services, based on his recent recommendations to the company’s board.Noelle Acheson, head of market insights at Genesis Global Trading, noted that DOGE’s price rally gets its cues from “very much speculation,” given Musk still has to confirm whether or not he would add a Dogecoin payment option on Twitter.
“But the possibility, even if it is remote, is enough to get traders excited about the potential gain in DOGE adoption,” sheMusk’s Twitter acquisition announcement on April 25 and its subsequent positive impact on Dogecoin prices, which rose by nearly 20% on the same day, coincided with a spike in retail and institutional interest.by 392% on April 25, according to Google Trends. Meanwhile, the volume of on-chain DOGE transactions with a value exceeding $100,000 reached $2.
“This is the highest volume since March 24, and represented 94% of the total volume,” data analytics platform IntoTheBlock noted.CryptoWallet, a cryptocurrency card service, also confirmed the same in an email statement to Cointelegraph, noting that “the online interest in buying Dogecoin skyrocketed to almost four times the average volume in one day due to Musk acquiring full ownership of Twitter.”DOGE’s price fell by more than 12% on April 26.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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