While the overall crypto market is experiencing a red day, the price of Dogecoin (DOGE) is skyrocketing today. The price increase is the result of positive news regarding the adoption of DOGE in Twitter, which will change to X. Elon Musk today announced that the Twitter brand will be rebranded as X, which will be accompanied by the integration of various cryptocurrencies, including DOGE.
The price of DOGE is up 5.8% today as a result of the positive news shared on Twitter by user Crypto Rover, among others. shared Today. The DOGE price was still close to $0.070 this morning, a few hours later the price is now over $0.076. But why are investors getting so excited about Dogecoin’s integration into Twitter, or X as it is now being called?
It is expected that through the platform X, which has many millions of users, many more people will have access to cryptocurrencies. Many potential investors still find crypto a difficult product and do not dare to invest just like that. An established platform where these users are already members can greatly reduce the friction to invest. This opens up the possibility for a whole group of people to buy crypto and can greatly increase the demand for DOGE.
The Influence of Platform X on Dogecoin
To get a better picture of the possible impact of the rebranded social media platform X on Dogecoin, we compare the number of users. Currently there are about 5 million wallets on the Dogecoin network.
The social media platform has a lot more users with almost 450 million active users per month. This is about 90x as many addresses as Dogecoin has on the network, it should be clear that the impact of the X platform can be great on DOGE. If only 0.1% of users create a wallet on the Dogecoin network as a result of the crypto integration, this will almost double the number of addresses on the memecoin network with almost 9.5 million wallets.
Analysts have been predicting DOGE price appreciation for some time
In recent days, analysts have been predicting a potential price increase for DOGE for some time. For example, Twitter user Altcoin Sherpa indicated that the memecoin could rise as high as $0.50. Another popular crypto analyst, Kaleo, predicts a price rally for DOGE. Currently, the analyst’s forecast seems to be playing out.
Conclusion
The revelation of social media platform X’s plan to integrate Dogecoin has led to a significant price increase of DOGE, despite the downward trend in the general crypto market. Thanks to X’s large user base, this integration is expected to increase the accessibility of crypto to many potential investors and drive demand for DOGE. Analysts’ predictions about a possible price increase seem to be realizing.
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