Key Points:
- Dogecoin (DOGE) price increased by 10% after Elon Musk’s X (Twitter) obtained a currency transmitter license.
- DOGE Social Dominance increased from 1.05% to 1.9% following the news of Twitter’s crypto trading license.
- Traders have placed 563 million DOGE coins up for sale, outweighing the current volume of purchase orders.
- The market supply for DOGE has outpaced demand by more than 228 million coins, indicating a potential price correction.
- The DOGE price could drop below $0.060 if traders continue to sell, but positive media sentiment could lead to an upswing above $0.080.
Hot Take:
Crypto enthusiasts are closely watching the impact of Elon Musk’s X (Twitter) obtaining a currency transmitter license on Dogecoin (DOGE). While the news initially led to a 10% price increase, there are indications that the price could drop in the coming days. The increase in DOGE Social Dominance and the significant number of coins being put up for sale suggest a potential price correction. However, if positive media sentiment continues to grow, the price could experience an upswing. Traders should closely monitor these indicators to make informed decisions about their Dogecoin investments.
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