Dogecoin’s market value has surged by 8%, bringing it up to $0.092839. This follows Elon Musk’s recent announcement that Twitter is considering integrating cryptocurrency payments. DOGE has seen an 11% increase over the past two weeks, and a 32% rise since the news was released. The market is optimistic that the meme token will be one of the largest beneficiaries of the potential move.
The market has been anticipating this move for a long time now and DOGE could certainly skyrocket if Twitter goes ahead with the plan. However, there is no guarantee that Dogecoin will be the chosen cryptocurrency. The most recent news does not make any explicit mention of the token, but that was enough to trigger a rally.
Elon Musk Looking Into Crypto Payments On Twitter: Could Dogecoin Reach $1?
The Dogecoin chart shows that altcoins are enjoying a good run right now. Its Relative Strength Index (purple line) is currently at 70, indicating that the momentum is strong. Additionally, its 30-day moving average (red line) has broken out of its 200-day moving average (blue line), a sign that a breakout is underway.
The most recent surge was prompted by an article from Time in Money which reported that Twitter is in the process of setting up payment companies. It was mentioned that these companies could potentially add cryptocurrency functionality in the future. This was the only mention of digital assets in the article, but it was enough to spark a rally for Dogecoin. Following a 24-hour low of $0.015326, DOGE hit a 24-hour high of $0.095126.
It should be noted that the sources who spoke to Time in Money made no mention of Dogecoin or any other crypto. Furthermore, they seemed to suggest that Twitter’s payment companies would only include fiat currencies at first. However, it is still possible that they may implement cryptocurrency payments later on. Twitter may face some regulatory issues but this is certainly
