[ad_1]
Dogecoin, the original memecoin, is currently performing solidly, retesting its current resistance at $0.09370. Based on Coinhecko, the token is still rising across all timeframes with the biggest gains being made in the monthly timeframe of 27%. This bullish continuation is a result of the recent mention of Elon Musk’s coin.
Musk tweeted back on January 25 last year about how he would eat a McDonald’s happy meal if the fast food company accepted Dogecoin as a means of payment. Since then, the DOGE community has existed apply pressure in the company because they showed support for Elon’s proposal.
If McDonald’s ever implements DOGE as a mode of payment, the coin will have access to 40,031 restaurants while adding a big name in the large number of merchants that accept coins as a payment method.
Is this offer still open? pic.twitter.com/lTE4wdl0jf
— DogeDesigner (@cb_doge) January 27, 2023
Elon’s Influence On Dogecoin Remains
Elon Musk’s effect on price action is clear to see in the coin. Following the tweet, DOGE started a rally after dropping 34% in less than a week. Now that Musk updated its offer to McDonald’s, it remains to be seen whether the company even accepts the offer.
Obviously, the DOGE community is very optimistic about the acceptance of coins as a means of payment. Matt Wallacea huge crypto influencer, fired back at Musk showing his support for McDonald’s acceptance of DOGE as a payment method:
McDonalds #Dogecoins Acceptance Coming!
—Matt Wallace (@MattWallace888) January 27, 2023
However, this bullish does not take into account whether McDonald’s should accept Dogecoin, or crypto for that matter, as a mode of payment.
DOGE total market cap at $11 billion on the daily chart | Chart: TradingView.com
Optimistic Investors Should Be Cautious
Optimism is good for the market because it means investors have high confidence in the asset. However, the current movement of the DOGE market may be reminiscent of last year’s price hike when the billionaire tweeted about the meme coin.
But don’t be surprised if this industry is very bullish like Tesla, Elon Musk’s electric vehicle company accept DOGE as a form of payment for Tesla merchandise.
Meanwhile, Dogecoin is trading at $0.0892 with more than enough legroom for a steady upside move. Investors and traders can also enjoy the coin’s high correlation with major cryptocurrencies like Bitcoin and Ethereum as the coin is bullish with BTC approaching $24,000 and Ethereum (ETH) breaking $1.6k.
Featured image by Inc. Magazines
[ad_2]
Source link
