Crypto analyst Crypto Kaleo recently suggested that now is the best time for investors to position themselves in Dogecoin (DOGE). This came after his statement hinting at a potential price surge for the popular meme coin in the coming days.
In an X (formerly Twitter) post, Kaleo reminded the crypto community of how the world’s richest man and X owner, Elon Musk, changed the X logo to Dogecoin a few days after April 1 last year. The crypto expert further revealed that he had already positioned himself in case Musk did it again.
Last year, Dogecoin’s price jumped by over 30% after Musk replaced X’s logo with the Shiba Inu dog (which is DOGE’s logo). As such, Kaleo expects the meme coin to enjoy a similar price gain if Musk makes such a move again. Such a move will also provide much-needed relief for Dogecoin, which has steadily declined since rising to as high as $0.22 last week.
However, investors positioning themselves for such a move must be cautious, considering how short-lived the ‘Musk-triggered’ pump has been in the past. Moreover, even if Musk were to change the X logo to the DOGE icon, such a move is expected to be temporary, with DOGE’s price likely to drop once the original logo is reinstated.
The same thing happened last year, as DOGE’s price plunged sharply following X’s removal of the Dogecoin icon and reversal to its original logo. Meanwhile, in response to Kaleo’s post, his followers deliberated on the possibility of Musk changing the X logo to the DOGE icon again. Some argued it was unlikely, especially with the SEC’s lawsuit against Musk.
DOGE to $1 Predicted; Tesla Accepts Payments
Following Kaleo’s post, one X user (Shitcoin Alchemist), who boasts over 35,000 followers on the platform, stated that Elon Musk will pump DOGE to $1. Optimism about DOGE rising to $1 in this market cycle continues to grow, with analysts predicting it is possible. However, if Musk is to contribute to this parabolic rise, it will be through his actions rather than words.
Musk seems aware of this fact, as he recently mentioned that Tesla (which he founded) will eventually begin to accept DOGE payments. Tesla Supercharging Station in Hollywood will accept Dogecoin payments once it launches.
Meanwhile, although Musk and X remain silent about the social media platform integrating DOGE into its payment service, it no doubt remains a possibility and something that will significantly boost the meme coin’s adoption.
Related Reading | Dogecoin Mimics Past Bull Run Pattern, Surges Past Key Level
Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risk.
Comments (No)