Elon Musk, the billionaire magnate, seems to be in the headlines yet again. This time it revolves around X Corp’s efforts to address a lawsuit related to severance pay disputes, involving former Twitter employees. While this is going on, the crypto community is —as usual— wondering if this will impact DOGE’s price in any way.
Addressing Past Grievances
Dogecoin’s Unexpected Plunge
September hasn’t exactly been a month of celebration for the altcoin market so far. Dogecoin, the digital currency enjoying a cult-like following, wasn’t exempt from the mayhem. This sudden downturn pushed Dogecoin below a vital support level, ending its three-week rally. Current indicators suggest that the coin might be struggling for a while. Dogecoin’s 30-day moving average now trails behind its 200-day average, reflecting a potentially gloomy scenario.
Elon Musk has long held sway in the Dogecoin market. His tweets have historically jolted prices consistently. The coin’s potential integration into X as a means of payment might just be the lifeline Dogecoin needs amid its recent struggles.
A Glimmer of Hope?
If Musk does ever introduce Dogecoin to his Twitter/X platform, things could take a 180-degree turn. Such a move could potentially skyrocket the coin’s value, perhaps even doubling it overnight. As it stands, there’s cautious optimism among some experts.
They believe Dogecoin might crawl back to $0.070 within the upcoming month. A more bullish outlook suggests a rise to $0.080 by the year’s end. As of this article’s last update, Dogecoin traded at $0.0612, with a modest 0.77% hike over the previous day.
In any case, only time will tell whether the beloved memecoin rises like a phoenix or remains grounded.
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