Two factors helped Dogecoin to show a 10% rally in the last 24 hours.
Dogecoin is a popular meme coin. This Proof-of-work (PoW) consensus-based crypto blockchain was founded by Billy Marcus & Jackson Palmer in 2013. At the time, Dogecoin grabbed huge popularity across the crypto sector but after that, it became a dead coin. Later in 2020, Tesla CEO Elon Musk jumped to support this meme coin and made it popular in the crypto sector again. Musk personally invests in Dogecoin, Ethereum, & Bitcoin.
On 25 July 2023, Elon Musk reposted an animated form of the new Twitter logo “X”.
This animated logo was designed by DogeDesigner, a UX/UI & Graphic Designer at Dogecoin & MyDoge Inc.
Yesterday the majority of the crypto Twitter users talked about the Dogecoin payment on the Twitter platform. The majority of the crypto Influencers noted that Dogecoin is getting huge popularity because of Musk’s plan to rebrand Twitter into everything app under the X.com company.
Recently in an interview with Coindesk, Kryptomon Chief Marketing Officer Tomer Nuni said that the Dogecoin price may show some big gains as the speculation of Dogecoin payment across the Twitter ecosystem has started again.
He noted that people are speculating that advertisers on the Twitter platform will be able to pay in Dogecoin and similar kinds of things we can see with Tesla, where people can buy some Tesla merch for Dogecoin payment.
“We saw the same happening when Tesla revealed the ability to pay for its goods with DOGE. So the speculation could be around Musk’s businesses and stakeholdings starting to accept crypto, as Tesla does,” Nuni said.
Dogecoin price action
Over the last 24 hours, the lowest & highest trade price of Dogecoin wat $0.076 & $0.083. That means Dogecoin showed a rally by a net 10% despite the bearish phase of this sector.
The current trade price of Dogecoin is $0.8 & this trade price is 4.6% high over the last 24 hours’ trade price.