Dogecoin Newsmemecoin Dogecoin DOGE had finally reached the $0.1 mark for the first time in three months. After falling from a peak of 14 cents due to the FTX related contagion in November 2022, DOGE failed to touch the mark. The psychological barrier of 1 cent is important in the current scenario, as regulators become increasingly skeptical of the crypto mark after the FTX collapse. It is also encouraging given that memecoins are currently leading the price rally in the market, as Bitcoin (BTC) goes through correction in gains.
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As of writing, Dogecoin (DOGE) price stands at $0.10, up 6.22% in the last 24 hours, according to CoinGape price tracker. The DOGE community is increasingly becoming bullish as the memecoin came as far as 0.099. Meanwhile, the price of Shiba Inu (SHIB), DOGE’s rival, skyrocketed on Saturday. This could be in anticipation of the upcoming Shibarium upgrade launch. As of writing, SHIB price stands at $1.54, up by a staggering 23% in the last 24 hours.
The Elon Musk Factor
An underlying trend among the memecoin traders is Elon Musk’s recent announcement in his plan to revolutionize the Twitter payments space. The DOGE community had long been optimistic of crypto based payments on the social media platform. On Friday, Musk tweeted saying Twitter was initiating a new ad revenue model that would benefit creators who already subscribed to the Twitter Blue Verified program. However, it is still uncertain how long would Twitter take to introduce crypto payments, considering the current regulatory landscape.
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