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DOGE rallies 26% amid Elon Musk’s Twitter takeover

Dogecoin price DOGE
Dogecoin price DOGE

Elon Musk, the world’s wealthiest person and the CEO of Tesla and SpaceX, has reached a deal to buy Twitter for $44 billion. The deal announced on Monday will see Musk introduce several changes to the social media company as he has pledged since he announced his interest in the company.

One of the changes expected is the addition of Dogecoin (DOGE) as one of the payment methods for Twitter Blue subscriptions. The takeover of Twitter by Musk is already triggering gains for the meme coin.

DOGE makes a notable rally

DOGE stands as a top performer during the past 24 hours. Within this time, the memecoin has rallied by 26%, gaining from around $0.124 to $0.16 at the time of writing, according to CoinGecko. Elon Musk popularly referred to as the “Doge father”, is behind the current rally.

Musk has repeatedly endorsed Dogecoin, and the DOGE community is hopeful that the meme coin will be included in the long term plans that Musk has for DOGE. One of the ways that DOGE could be used on Twitter is paying for ads and tipping Twitter creators.

Musk has already endorsed Dogecoin in his other companies, including Tesla. It is currently possible to use Dogecoin to buy Tesla merchandise. Last year, Musk also announced that he was working with Dogecoin developers to improve the efficiency of the network. Therefore, the inclusion of DOGE on Twitter could be on the way.

When Musk announced buying a 9.2% stake in Twitter earlier in the month, the billionaire teased about having DOGE payments on Twitter Blue. The latter is a subscription-based option that offers premium features to Twitter users.

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Dogecoin’s price creates a bullish pattern

The price of DOGE has been largely affected by the ongoing recession across the financial markets. The price of the meme coin peaked at $0.74 last year after Musk was featured on the SNL show and promoted the meme coin. However, the price nosedived by around 85% to reach lows of $0.109.

Dogecoin has not recovered its yearly losses as most altcoins have. It failed to clinch a new ATH in November last year after the global crypto market cap hit a record high of above $3 trillion.

Musk’s Twitter takeover will create a strong bullish pattern for the meme coin. The current trend taken by the coin could see it record major gains, at least for the short term, with the price testing the immediate resistance level at $0.19. If it breaks through, the next price target will be $0.235.

The Doge father is bound to increase the popularity of Dogecoin if it is adopted as a means of payment for Twitter Blue users. The meme coin could be bound for another rally towards a new all-time high. However, given that the price of meme coins is usually driven by hype, the DOGE rally will only be sustained if Musk adds DOGE to Twitter and unlocks more utility for the altcoin.

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