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Crypto investors have been closely following Dogecoin, the largest memecoin known for its unpredictable price movements, ever since Elon Musk turned his Twitter into an X. The speculation that Musk will officially integrate DOGE into the social media giant has made this trend valuable. So, what’s next for the biggest memecoin? Let’s dive into the Dogecoin analysis, current value, and future predictions.
Elon Musk and Dogecoin
Dogecoin stands out among the top 10 cryptocurrencies by market value with over 1% gain in the last 24 hours. The allegations surrounding Dogecoin suggest that the world’s richest person, Elon Musk, may secretly provide financial support for the ongoing development of the Dogecoin network.
The Wall Street Journal revealed on August 31st that Musk is secretly supporting the development of the Dogecoin network. This news came at a time when volatility in the crypto market increased, and the price of the largest cryptocurrency, Bitcoin (BTC), began to slow down. As expected, this slowdown not only affected BTC but also had a significant impact on Dogecoin, which is currently trading at approximately 90% below its all-time high of $0.73 in May 2021. As a result, as the crypto community prepares for a turbulent September, many continue to discuss the effects of Musk’s secret financial support on Dogecoin.
The news flow regarding potential funding for Dogecoin’s development added an enchanting dimension to Musk’s interest in the world’s largest memecoin. Musk’s relationship with DOGE can be evaluated based on his strategic move of changing Twitter’s iconic blue bird logo to Dogecoin’s logo in April, following his acquisition of the platform. According to some speculators, this signaled Musk’s intention to integrate DOGE into X, and further developments of this nature may be seen in the coming months. It would not be wrong to say that such a development would cause significant price fluctuations in the memecoin.
Dogecoin Analysis: What’s in Store for Dogecoin?
According to the advanced machine learning algorithms used by the crypto tracking and analysis platform PricePredictions, the latest data indicates that Dogecoin’s price will be at $0.06352 on September 30, 2023. This price level suggests a slight pullback for DOGE, which is currently trading at $0.06403.
The machine learning algorithm used by PricePredictions relies on a comprehensive analysis of multiple key technical analysis (TA) indicators, including Moving Average Convergence Divergence (MACD), Average True Range (ATR), Bollinger Bands (BB), Relative Strength Index (RSI), and others, to reach the aforementioned prediction.