On Monday, October 31, Elon Musk tweeted a photo of his Shiba Inu pet dog wearing a Twitter t-shirt in honour of Halloween. Musk was clearly implying that Dogecoin (DOGE) would be shortly added to the Twitter network.
increase on Tuesday, according to on-chain data. Learn more about DOGE Elliot Wave analysis.
Elon Musk tweeted a picture of his Shiba Inu pet dog dressed in a Twitter t-shirt on Halloween on Monday, October 31. Musk was obviously hinting at the possibility of adding Dogecoin (DOGE) on the Twitter platform very soon.
The tweet from Elon Musk was sufficient to increase DOGE's price by 15% and bring it above $0.14. With Elon Musk's acquisition of Twitter in a $44 billion deal during the past week, Dogecoin has experienced a significant uptrend. On the weekly chart, the largest memecoin in the world is trading up 140%.
Santiment, a company that provides on-chain analytics, has produced unequivocal evidence that the DOGE price increase was exclusively caused by the Twitter announcement. The price of DOGE last week reached 15 cents before declining later. Musk's tweet on Monday, though, drove it back to this price point. Santiment goes on to say that the Dogecoin trading volume has had a similar divergence to the address activity.
According to Santiment, the social sentiment surrounding Dogecoin is also rather robust in the market. The report went on to say: A typical illustration of a huge social volume increase indicating a probable top, plus sentiment is growing, suggesting that people are highly upbeat in their statements about DOGE. DOGE and related phrases have held positions 1 through 5 in our social trends for the previous 4–5 days.
So, when will DOGE reach $0.2?
Based on the Twitter news from the past week, it is evident that DOGE has experienced a rally. Therefore, it would be a simple 33% rally from here on if any favourable events in this regard occur or Musk makes a formal statement with Dogecoin payments on Twitter.
Keep in mind that after Dogecoin's recent rapid increase, there may be high volatility coming forward. Dogecoin is currently changing from the second wave to the third wave, according to the Elliot wave study. In this growth cycle, this could be DOGE's greatest increase.
The main problem is that this analysis is only accurate when the second wave is corrective. In order to prevent the asset from becoming overbought, DOGE didn't undergo a short-term correction after the second wave.
Elliot's study indicates that the third wave is the strongest, thus for DOGE to continue rising, there must be significant investment inflows.
