Crypto analyst Crypto Kaleo not too long ago urged that now was the most effective time for traders to place themselves in Dogecoin (DOGE). This got here following his assertion, which hinted at a worth surge for the foremost meme coin within the coming days.
Why Now Would possibly Be A Good Time To Make investments In DOGE
In an X (previously Twitter) post, Kaleo reminded the crypto community of how the world’s richest man and X proprietor, Elon Musk, modified the X emblem to Dogecoin a few days after April 1 final yr. The crypto knowledgeable additional revealed that he had already positioned himself simply in case Musk does it once more this time round.
Final yr, Dogecoin’S worth jumped by over 30% after Musk replaced X’s logo with the Shiba Inu canine (which occurs to be DOGE’s emblem). As such, Kaleo expects the meme coin to take pleasure in the same worth acquire if Musk makes such a transfer once more. Such a transfer may even present a much-needed aid for Dogecoin, which has steadily declined since rising to as excessive as $0.22 final week.
Nonetheless, traders positioning themselves for such a transfer have to be cautious, contemplating how short-lived the ‘Musk-triggered’ pump has been up to now. Furthermore, even when Musk had been to alter the X emblem to the DOGE icon, such a transfer is anticipated to be short-term, with DOGE’s worth prone to drop as soon as the unique emblem is reinstated.
The identical factor occurred final yr as DOGE’s price plunged sharply following X’s removing of the Dogecoin icon and reversal to its authentic emblem. In the meantime, in response to Kaleo’s put up, his followers deliberated on the opportunity of Musk altering the X emblem to the DOGE icon once more. Some argued that it was unlikely, particularly with the SEC’s lawsuit in opposition to Musk.
Musk Will Pump Dogecoin To $1
Following Kaleo’s put up, one X person (Shitcoin Alchemist), who boasts over 35,000 followers on the platform, stated that Elon Musk will pump DOGE to $1. Optimism about DOGE rising to $1 on this market cycle continues to develop, with analysts predicting it’s attainable. Nonetheless, if Musk is to contribute to this parabolic rise, it will likely be by way of his actions fairly than phrases.
Musk appears conscious of this reality, as he recently mentioned that Tesla (which he based) will ultimately start to just accept DOGE funds. Bitcoinist additionally reported that the Tesla Supercharging Station in Hollywood will settle for Dogecoin funds as soon as it launches.
In the meantime, though Musk and X stay silent concerning the social media platform integrating DOGE into its payment service, it little question stays a chance and one thing that may considerably increase the meme coin’s adoption.
DOGE bears push worth all the way down to $0.18 | Supply: DOGEUSDT on Tradingview.com
Featured picture from MARCA, chart from Tradingview.com
