Dogecoin Jumps Nearly 7% as Musk Announces New Twitter Feature

Dogecoin (DOGE), the leading memecoin, is once again at the forefront of Twitter 2.0, as Elon Musk prepares to debut new features on the social media network. Many Twitter 2.0 initiatives had already been halted owing to a lack of workers, as Elon 'The Dogefather' Musk laid off more than half of the old guard.

On the other hand, Chief Twit Elon Musk highlighted numerous planned features on Sunday. Simultaneously, his beloved canine token had a 7% weekly bull run, bolstering the recovery rally with additional social mentions, courtesy of the ever-optimistic Dogecoin Army.

Surprisingly, Elon Musk revealed that the first Twitter feature to go live is a left/right swipe between suggestions and followed tweets. This user interface is similar to Tinder, the most popular dating app. Users will now be able to bookmark their favourite tweets rather than merely liking them.

Furthermore, tweets will no longer be limited to 280 characters. The new 'long form tweets' are expected to have a 4000-character limit, drastically altering the microblogging platform. Finally, the Twitter Crypto Wallet is still in the works, and Mr Musk has promised an all-in-one program that will transform Twitter into a multi-functional social hub.

Naturally, the dominant meme currency, DOGE, is anticipated to play an important role in the upgrades, as bull runs for DOGE typically coincide with the development of Twitter 2.0. According to the DOGE Army, five elements in the new plan can significantly contribute to the acceptance of the canine coin.

Twitter Crypto Wallet, Twitter Merch Store, Tipping Jar, Twitter Blue, and Twitter Boost are among them. Furthermore, some cryptocurrency aficionados believe that Dogecoin will be the centrepiece of the future program and the Tesla Phone. DOGE, like Telegram's Toncoin, would become a social media powerhouse if it became the default payment mechanism (TON).

Related Read: Dogecoin Becomes the Most Held Crypto Asset in India, Prices Still in Red

Dogecoin Price Analysis

Dogecoin's current price is $0.079849 USD, with a 24-hour trading volume of $676,953,204 USD. Dogecoin has increased by 5.80% in the previous 24 hours. DOGE is currently ranked #9 on CoinMarketCap, with a market cap of $10,593,680,503 USD. The circulation supply is 132,670,764,300 DOGE coins, and the maximum supply is not known.

Source: CoinMarketCap

 

Also Read: Dogecoin: Price trends 2022 and Prediction for 2023

A bulls surge is on the road to new highs of $0.08072 according to the 1-day price chart for Dogecoin price research. The pair is trading over $0.07822 and has broken through the short-term resistance level of $0.08072. The Dogecoin price market began today's trading session with a bearish trend at $0.07518. However, the bulls were able to break through this barrier and push the price up by more than 1.84 percent. The pair is now in an uptrend, with a bullish trend in the daily chart, and is currently trading at $0.07822.

The Moving average convergence divergence (MACD) line is positive, indicating that the Dogecoin price may rise further. The relative strength index (RSI) is likewise in the green, currently at 42.86. The moving average is currently at $0.0747 and continues to rise.




Source: TradingView

 

The 4-hour price chart for Dogecoin price analysis shows that the pair is constantly rising and breaking out from significant resistance levels, as evidenced by the ascending triangular pattern in the chart. Buyers have taken control of the market and are driving prices upward following recoveries from the bearish trend.

The MACD line is still positive, indicating that the bulls are still in control and that the price could rise further. The histogram is also in the positive zone, with a green candlestick. The RSI is likewise in the green, currently reading 61.32. The Dogecoin price pair's moving average is currently at $0.07716 and is still climbing.




Source: TradingView

 

According to Santiment, the daily trading volume of the leading meme coin Dogecoin [DOGE] has decreased in the last two years. DOGE's trading volume in the last 24 hours was $402 million as of this writing. DOGE's daily trade volume peaked at $42 billion on April 29, 2021, but has since dropped drastically.

Source: Santiment

 

Additionally, an examination of DOGE's MVRV ratio found that the meme-based cryptocurrency was consistently undervalued throughout the preceding year.

When an asset's MVRV ratio falls between zero and one, it shows that the market is "undervalued," which means that if all holders sell their assets at the current price, they will likely incur losses on average.

With the exception of the period between the end of October and the beginning of November, this data revealed that when investors attempted to sell their DOGE tokens in 2022, they suffered losses.




Source: Santiment

Dogecoin FAQs

Why is Dogecoin so cheap?

There are several reasons why Dogecoin's price has remained low over the years. However, only one factor has a significant impact: inflation. Dogecoins, unlike Bitcoin and other currencies that have limited the number of their coins, are limited and hence prone to inflation.

Who is Dogecoin Millionaire?

Glauber Contessoto became a "dogecoin millionaire" in April, only 69 days after investing little more than $250,000 in DOGE in February. Contessoto talks about his experience with the meme-inspired cryptocurrency and why he is keeping all of his assets for the long run, even buying more amid falls.

What can Dogecoin be used for?

Dogecoin may be used to make payments and purchases, but it is not a cryptocurrency that can be utilized as a store of value. This is because Dogecoins may be manufactured indefinitely, making the cryptocurrency extremely inflationary by design.