In the space of 24 hours, Dogecoin has seen its price increase by 1%, reaching $0.07472. The rise comes on the heels of rumors suggesting that Twitter, now renamed ‘X’, would consider adding trading functionality to their platform.
Although this announcement looks promising for the DOGE award, Elon Musk was quick to deny this information. The Twitter executive said in a tweet: “To my knowledge, no work is being done on this.”
This denial from Musk dashed any possibility of a short-term spike in DOGE, the meme token. having fallen by 3.89% over the past week, while posting a rise of 10.43% over the last 30 days.
However, it still seems plausible that Twitter/X adding financial or payment functionality in the near future. Because of this, DOGE could see a strong rise quite soon.
Dogecoin Price Prediction: Impact of Potential Trading Integration on Elon Musk’s Platform X
Just like the rest of the market, DOGE has seen a drop in recent days which seems to announce a recovery, the currency becoming attractively undervalued following overselling.
The DOGE 30-day moving average (in yellow) rapidly falling towards its 200-day average (in blue). When it drops below this long-term metric, the altcoin should rebound.
Looking at its relative strength index (in purple), it can be argued that DOGE is already close to the rebound point, given that the RSI started to recover after falling near 30.
It is still too early to say that DOGE has stopped its recent fall. After crossed the $0.0750 threshold yesterdayit now looks set to test its next level of support, marked in green.
The price of DOGE also wasn’t supported by yesterday’s rumors, which suggested that Twitter was developing trading features. These speculations are based on a Semafor report, which is based on sources familiar with the matter.
This information flooded Twitter with optimism, raising hopes that cryptos – and DOGE – would soon receive a huge boost. However, Elon Musk himself wasted no time in denying these reports.
Because of this, DOGE hasn’t really evolved today and doesn’t seem likely to do so in the near future.
However, more credible reports this year indicate that Twitter is actually working on digital paymentswhich could eventually expand, in the more distant future, to include cryptocurrencies and Dogecoin.
But that all seems to be planned for much later, which means that DOGE could only make modest gains in the meantime.
From its current level from $0.07472, it could go up to $0.080 in the next few weeks, before reaching $0.10 in the next few months.
New Altcoins, Soaring News
Since DOGE depends almost entirely on Elon Musk and Twitter for his ralliesit may not see any big moves for the rest of the year.
As a result, many traders might be tempted to look elsewhere for sizable gains outpacing market performance, with presale tokens being a potentially lucrative source of profit.
And one of the biggest presales going on right now is Wall Street Memes (WSM), a new ERC-20 token that raised over $20.5 million since the launch of its token offering in June.
Wall Street Memes is associated with the meme stock movement which has notably caused the GameStop Rally of 2021giving him an already established online community that has clearly helped him outperform virtually every other presale this year.
Their Twitter profile now counts more than 255,000 subscribersshowing the number of holders ready to support the price of the WSM when it will be listed on exchanges in the next weeks.
Fostering greater community involvement, the decentralized tokenomy of WSM anticipates a maximum total supply of 2 billion tokens, of which 50% has been reserved for sale and 30% has been allocated in rewards for the community.
Buyers can participate in the sale – and get WSM before it increases in value on exchanges – by going to the official Wall Street Memes website and connecting their crypto wallets, 1 WSM is currently valued at $0.0331.
The presale will end with a price of WSM set at $0.0337although even this price may seem cheap once the currency is listed on exchanges.
Check out our complete guide to buying the $WSM token
Visit Wall Street Memes Now
This article does not represent investment advice in any way. The information provided here should not be used as the basis for making financial decisions. Investing in cryptocurrency involves risk and can lead to significant losses. You should only invest what you can afford to lose and do your own research before making any investment decisions.