The trading price of Dogecoin (DOGE) has started experiencing a strong rally and it is all thanks to Twitter. The social media giant’s latest developments have changed the entire situation for DOGE.
DOGE Price is over 200-Day MA
The recent developments involving Twitter and its acquisition by Elon Musk have helped push DOGE’s price over the 200-day moving average.
The meme coin is now hovering well over the 200-day MA, which is a positive technical factor going in favor of DOGE’s rally.
Just about a week back, the trading price of DOGE was at a low of $0.06. However, the rally has helped the meme coin gain significant value.
The trading price of DOGE has surged more than double and helped its price rise to a high of $0.15. It was the day when the news started rotating about Twitter’s acquisition by Elon Musk.
Elon Musk has Advocated DOGE
For almost a couple of years, Elon Musk has advocated Dogecoin. He has even pitched it on multiple occasions which has earned the meme coin a strong community.
Elon Musk even claimed that if he were to acquire Twitter, he would integrate DOGE into the platform as a native currency. He also shared his plans of making Twitter a payment platform like PayPal.
His ambition for DOGE and plan for Twitter had caught the attention of the entire cryptocurrency community. Everyone was eager to see Twitter be acquired by Elon Musk someday.
Finally, the deal materialized and everyone is excited to see exactly what would happen with Twitter and DOGE, now that Elon Musk owns the social media platform.
Now the community is hoping that Elon Musk would introduce some sort of integration for DOGE on Twitter, which would prove to be quite promising for the protocol.
TradingView has also reported that the trading price of DOGE has hit a high price that it had not hit since June 2021.
DOGE’s more than 100% Rally
Ever since the past week, the trading price of DOGE has recorded a significant rally that has witnessed more than a 100% rally in the trading price of the asset.
For now, it is expected that more developments related to Twitter would continue fueling the rally that is pushing DOGE’s price. However, there is a possibility that the investors may soon want to start selling DOGE in order to generate profits.
If the investors do not lean towards a selling spree, then the trading price of DOGE may continue rising and help the price of the meme coin rise even further. Going forward, the trading price of DOGE may cross the $0.20 level which may bring in more investors to inject more support.