Dogecoin (DOGE) price performance is highly dependent on Elon Musk and the development of Twitter 2.0. This Wednesday, DOGE hit its highest point in two weeks. The eighth memecurrency reclaimed the key resistance level at $0.10 and gained 35% over the past seven days.
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Morning broke and it’s going to be a good day guys today, just look at it #dogecoin pic.twitter.com/dmVPfbMZER
– Doge of Norway (@DogecoinNorway) November 30, 2022
What led to the promotion of DOGE?
With most of the top 100 cryptocurrencies still recovering from the drama caused by the sudden collapse of FTX, Alameda Research and its founder Sam Bankman-Fried, double-digit gains on a weekly basis are becoming a rarity. However, the popularity of DOGE helps coin dogs overcome obstacles #Dogecoin And the #DogecoinToTheMoon Constantly trending on Twitter.
More importantly, work on Twitter’s Crypto Wallet has resumed, fueling bullish sentiment for DOGE. First, Twitter Boss Elon Musk returned his love for the coin with a “to the moooon!” They chant on the platform. A few days later, YouTuber David Gokhshtein posted a message stating that Musk is collaborating with Ethereum (ETH) founder Vitalik Buterin on Twitter 2.0.
Moreover, heated discussions about Elon Musk’s Tesla (NASDAQ::) Smartphone have taken Twitter by storm. The idea was announced right after Apple (NASDAQ) threatened Twitter and its CEO that it would delete the Twitter app from the App Store. Naturally, this caused a massive backlash on the platform, with cryptocurrency enthusiasts criticizing Apple’s greed and keenness on censorship.
Not just everything you buy. If you subscribe to Netflix (NASDAQ:) on your iPhone, they take 30% off that, too.
— The Whole Mars Catalog (@WholeMarsBlog) November 28, 2022
Will Dogecoin (DOGE) Hold a Major Support Line?
At the time of publication, Elon Musk’s beloved dog and DOGE Army coin is changing hands at $0.105428, according to Queen Gekko. Besides the impressive weekly growth of 35%, DOGE has grown by another 3.2% in the past 24 hours. However, the question remains as to when the popular memecoin could be heading to hack and get close to the moon.
Taking it in anticipation of a break above $0.10650 provides a cleaner range setup. pic.twitter.com/5l6ndtPey9
— CryptoWitch (@CryptoWitch_) November 29, 2022
on the flip side
- Vitalik Buterin has not confirmed his role in the development of the Twitter Crypto Wallet.
- Elon Musk has been attacked with a $258 billion class action lawsuit for building the DOGE Pyramid.
Why should you bother
DOGE, the most popular token, has the potential to spark the rise of cryptocurrencies. This was often the case in 2021 and 2022, as both popular canine coins moved significantly up the crypto charts.
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