- Dogecoin was mined for the first time nine years ago today, the meme coin is celebrating its ninth birthday.
- Forbes reported that leaked Twitter code revealed a cryptocurrency was under development, this raises serious questions on DOGE’s utility.
- Cryptocurrency experts at Changelly predict Dogecoin price can hit $0.10 in December 2022.
Dogecoin is celebrating its ninth anniversary. The first Dogecoin block was mined nine years ago, since then the meme coin has witnessed a spike in its use cases. Forbes reported that leaked Twitter code reveals that the social media platform is working on a “Twitter coin.” Experts believe this could pose tough competition for Dogecoin.
Dogecoin could face tough competition from Twitter coin
Dogecoin community is awaiting Elon Musk’s adoption of DOGE as the cryptocurrency for payments on Twitter. As DOGE celebrates its ninth anniversary as a meme coin, Forbes reported new developments on Twitter’s cryptocurrency.
Tech sources told Forbes that according to leaked Twitter code, Musk’s team is working on a new game-changing feature. Amid speculation on which cryptocurrency will be chosen by the Twitter CEO, the social media platform is developing a “Twitter coin.”
Twitter code shows that the potential “Twitter coin” is under development and this could rival both Bitcoin and Dogecoin, the current top contenders for payments on the social media app.
Nima Owji, owner of a Twitter-leaks account told followers that:
Twitter is working on coins. It isn’t rolled out yet; there is little information out there as to what this is exactly.
Owji shared screenshots of a Twitter interface showing “coins” as an option for tipping content creators on the platform.
Screenshots of the feature under development
Elon Musk is popularly known as the self-proclaimed Dogefather, therefore it remains to be seen whether “Twitter coins” will be released as the platform’s cryptocurrency. It remains unclear whether they would be used as a reward that can be redeemed for some other cryptocurrency on the social media app’s interface.
Musk has supported the idea of payments on Twitter. On a Twitter space’s broadcast, Musk told two million listeners,
WeChat has a lot of functionality that Twitter should have. It’s kind of a no-brainer for Twitter to have payments, both fiat currency and crypto, and to make that easy and simple for people to use.
A group of Dogecoin supporters on the app believe Twitter coin is codename for DOGE, while awaiting further clarity on the matter.
Dogecoin price prepares for recovery
Cryptocurrency experts at Changelly believe Dogecoin price has bullish potential and set a target of $0.109989 for the meme coin in December 2022. Analysts at instant crypto exchange believe Dogecoin price could touch a low of $0.098990 and a potential maximum of $0.109989 this month.
Based on the Dogecoin price chart below DOGE faces resistance at the 50-day Exponential Moving Average (EMA) at $0.105210, the weekly high at $0.110000 and monthly high at $0.158930. The Relative Strength Index, a momentum indicator, crossed the neutral territory and is currently at 55.04, indicating more buying momentum and stronger position for DOGE buyers in the market.
DOGE/USDT price chart
After breaking the multi-year downtrend in week 4 of October 2022, Dogecoin started an uptrend with consecutive support at $0.089930 and $0.070530. Technicals shown in the chart point to a continued recovery in DOGE price in December 2022.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.