coincodex.com
Key takeaways:
- Dogecoin rallied by roughly +16% in the last 24 hours, increasing its weekly gains above +30%
- The rally coincides with Musk’s expected completion of the Twitter deal on October 28
- Our automated technical analysis algorithm forecasts DOGE to surpass $1 next year, after a bout of bearish short-term action at the end of 2022
Dogecoin price soars +16% ahead of Twitter deal completion
The price of Dogecoin, the most prominent member of the memecoin sector, soared by +16% on Thursday, pushing the weekly green candle beyond +30%.
With the recent boost in the price of DOGE, the memecoin is now trading at its highest point since mid-August. The total value of DOGE’s circulating supply has surpassed the $10 billion market cap at press time.
The price rally coincides with the broader positive market momentum taking place in the crypto market. Yesterday, both Bitcoin and Ethereum surged to their respective multi-week highs off the heels of positive macroeconomic data, which investors believe signals that the Fed’s restrictive monetary policy might be loosening up soon.
Elon Musk’s $44 billion Twitter deal is expected to be finalized on Friday
On Wednesday, Tesla CEO Elon Musk arrived at the Twitter headquarters carrying a kitchen sink, which is often used as a metaphor for taking radical action at a company. In addition, the tech billionaire changed his Twitter bio to “chief twit,” obviously referring to his upcoming role as the owner of the social media giant.
Entering Twitter HQ – let that sink in! pic.twitter.com/D68z4K2wq7
— Elon Musk (@elonmusk) October 26, 2022
After months of back and forth between Twitter execs and Musk, the massive $44 billion acquisition of the social media company is expected to get finalized on Friday. If the deal doesn't go through later this week, Musk will be facing a trial.
Musk has previously floated the idea of integrating DOGE coins into the Twitter platform in some capacity. His expected takeover of the company is perceived as bullish Dogecoin news by many who believe that greater adoption is in Dogecoin’s future. For context, the social media platform had more than 320 million active users in 2021, per Statista.
Is Dogecoin’s price reaching $1 still a possibility? DOGE price prediction
After Dogecoin caught on fire in May 2021, reaching its all-time high of $0.738 after a more than +800% monthly surge, many were convinced that the memecoin will reach $1 sooner or later. However, it wasn’t meant to be, as DOGE’s price plummeted by more than 90% after its May peak.
Musk’s Twitter deal and potential integration of DOGE could be a major catalyst for DOGE’s future price movements.
According to our Dogecoin price prediction algorithm, the memecoin could see another massive rally next year. In fact, DOGE could surpass the $1 milestone in April 2023, based on the current state of technical indicators. Keep in mind that predicting price movements this far out is an especially difficult task, especially in a field that is as highly volatile as crypto.