Last fall of 2022, Elon Musk’s Twitter deal caused great euphoria among Dogecoin investors. In a very short time, the price of DOGE/USD rose by 150 percent.
But this joy was short-lived. Because Elon Musk managed to damage the image of Twitter with some unfortunate actions and lost himself billions of dollars.
A wave of layoffs on Twitter caused criticism
First, a large-scale layoff campaign involving many long-time employees of the text messaging service caused a lot of bad press. With the campaign, Musk wanted to quickly reduce Twitter’s personnel costs and make the company more profitable overall.
But a short time later, Musk had to bring back some employees because the plan appeared to be poorly thought out and the smooth operation of Twitter appeared to be at risk. This is not the only action that has damaged the reputation of Twitter and Musk. For example, it emerged that the new boss appeared to have suspended rent payments for Twitter’s company buildings for months and risked eviction accordingly.
Pay for blue tick twitter
In addition, his plan to change Twitter’s direction and reactivate blocked user accounts, such as former US President Donald Trump, was met with little enthusiasm among most Twitter users.
It also introduced a payment method that was heavily criticized on Twitter. Suddenly the blue verification hook for one’s own account, until then mainly used by politicians and celebrities to distinguish themselves from fake accounts through a registration process, was available to everyone for a few dollars.
The blue tick previously oriented users as to whether the star or real politician was actually communicating here. Suddenly anyone could impersonate a real president and Hollywood star and publish messages with dubious messages and scams.
High time I admitted I let the Doge out pic.twitter.com/TAi4p1khAd
— Elon Musk (@elonmusk) February 22, 2023
DOGE course crashed 60 percent
All this meant that Twitter lost a lot of popularity – especially from financially strong advertising partners who had previously used the platform extensively. This important income of the network has partially disappeared. In addition, the euphoria among DOGE buyers regarding the Twitter deal quickly faded. The price of the Dogecoin fell from highs of around $0.16 to lows of around $0.06. More than 60 percent sales in less than 2 months.
Even at the time of publication, the DOGE/USD rate is far from the November values and is trading at around $0.08. Many investors will likely be disappointed that the long-awaited Twitter takeover by DOGE fan Elon Musk had no lasting effect on the price of the cryptocurrency.
DOGE more than 80 percent below the record high
In the past, the Tesla boss has repeatedly managed to drive up the price with his tweets related to Dogecoin. This peaked in May 2021 when token value exploded to around $0.8. A rally of thousands of percent temporarily made DOGE one of the 5 most valuable cryptocurrencies in the world. But those times are long gone. The altcoin is currently trading well over 80 percent below its all-time high since the bull market.
DOGE on Twitter? It seems that 1 dollar is possible
But can DOGE create a massive trend reversal soon? Is it even possible that the MEME token will break the old records and break the magic 1 dollar mark?
Elon Musk could be the deciding factor again. Because DOGE investors are currently expecting cryptocurrencies to soon be the official form of payment on Twitter. Musk has fueled such rumors in the past. For example, he showed slides from an internal presentation on payment on Twitter. Musk is known to be looking for new revenue models for Twitter. Because the network urgently needs fresh money. It is hoped that the Dogecoin could also play an important role as a payment method in the future.
If this rumor is confirmed, it is no longer likely that DOGE can reach a price of 1 dollar. Because that is the best news for a long time for the cryptocurrency by far, maybe even in its entire history. If DOGE is available to all Twitter users, this would mean the potential of hundreds of millions of new customers.
Thus DOGE could leave the niche of the crypto market and reach completely new groups of buyers. It would be a step towards mass adoption and suddenly DOGE would be way ahead of many other tokens. A price of 1 dollar is unlikely in this constellation, considering that the price was not far from this mark in 2021.
— DogeCoin Ride (@DogecoinRide) February 24, 2023
Forecast: DOGE may rise to $4 – in a few years
But do analysts also think such a price is possible? The current price forecasts show DOGE where the trip could go.
According to Digital Coin Price, the price of DOGE will explode to $1 and even beyond. However, analysts think this is a long-term scenario, so investors will have to wait a few more years. Accordingly, the price of Dogecoin will rise to a maximum of 0.18 dollars this year and will not see a strong improvement with maximum prices of 21 cents in 2024 either.
Rather than rapid price increases, continued growth is expected over many years. Accordingly, DOGE will only reach the all-time high zone in 2030 and then reach prices of 1.16 dollars in 2031. A target price of $1.58 is even set for 2032. If this prediction is correct, it will take another eight years for DOGE be established enough to create $1 per token.
The financial blog changelly.com is also convinced that this mark can be reached. Analysts predict that DOGE will even rise to $1 as early as 2029. That would be 2 years earlier than the previous forecast. DOGE price is expected to exceed 4 dollars even by 2032.
Base Price Forecast, on the other hand, assesses the situation differently. According to analysts’ forecasts, DOGE will not cost anywhere close to $1 even in ten years, but will reach a maximum of $0.32. It seems they don’t expect Twitter to introduce DOGE as a payment method.
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