Dogecoin Price Prediction as DOGE Sees $900 Million Trading Volume Come In
Dogecoin price prediction is positive, as it has risen above $0.0720 and is now trading at $0.0810.
However, the downward trendline and 50-day moving average continue to obstruct the upward movement.
Elon Musk's decision to pay a whopping $44 billion for the social media giant Twitter has been one of the year's biggest surprises. The acquisition sparked a number of debates, including one about Big Tech censorship. However, it has also raised concerns about Dogecoin's future.
It's also worth noting that the value of the DOGE/USD has skyrocketed in response to each tweet from Musk promoting it.
For example, he continued to refer to DOGE as the "people's crypto" throughout 2021, causing the coin's value to skyrocket by 4,000%.
Furthermore, Musk's Tesla, an American multinational auto and renewable energy company began accepting DOGE as payment for its goods, including their "Giga Texas" belt buckles and miniature automobile replicas, in January 2022.
DOGE can also be used to purchase Burnt Hair, Musk's recently released joke fragrance.
The famous memecoin DOGE is directly related to Elon Musk's acquisition of Twitter, and the outcome of the story may have a significant impact on cryptocurrency adoption.
DOGE is still under pressure, however, due to the uncertainties surrounding Twitter.
The crypto market came under new selling pressure on November 22nd, when crypto-focused investment bank Genesis warned of a potential bankruptcy risk due to its exposure to the recently insolvent exchange FTX.
Genesis Global Trading, one of the market's leading lending institutions, has warned that it may go bankrupt, becoming the latest victim of the crypto meltdown this year.
According to reports, the bank is looking for up to $1 billion in
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