On Monday Dogecoin was off to a shaky start as cryptocurrency's price plunged over 4% amid the news that new Twitter management has lifted the ban on Donald Trump’s Twitter account.
This was never the start Dogecoin backers would have wanted as compared to the previous week’s performance.
DOGE’s Previous Month Performance
The cryptocurrency’s previous month's performance indicates a sustained rise of 14% and over the past seven days, DOGE’s price had risen drastically by 23%.
As per the market indicators, DOGE was in a strong position to start the new trading week stronger as more price hike was expected.
Moreover, the return of Donald Trump on Twitter was not the only thing that netizens have found hard to digest.
Twitter’s CEO Elon Musk had previously announced that the social media platform will soon integrate Dogecoin as a payment method for Twitter.
Rumors had that Twitter which was previously a free platform to share views will now charge $20 for every verified Twitter account.
With DOGE as an integrated payment method for Twitter, the consequences were quite clear. As the things stand DOGE might continue to suffer moving forward.
Moreover, the after-effects following the FTX collapse are still quite harsh on cryptocurrencies.
DOGE As a Payment Method Has Raised the Eyebrows of Many
Elon Musk the founder member of Dogecoin back in January had already successfully introduced DOGE as the mode of payment for those who are willing to buy Tesla’s merchandise.
However, as per the Tech Blog JustReviewed, the idea of integrating DOGE as the payment method for Twitter seems to be rejected by the masses.
It is worth mentioning that Elon Musk has already promised that Dogecoin’s top management is working to bring in more improvements and working to introduce more features to Doge for the ease of traders.
Investors Must Look
Over the past several days' DOGE’s RSI was on the up, which was a clear indication of a bull run by the DOGE.
As a result DOGE’s past 30 performance in the market exceeded its past 200 days' performance.
The bullish PSI really indicates that it's very much on the card for DOGE to perform well despite today’s troublesome performance.
In case Twitter somehow managed to provide a sense of security regarding its pursuit of making DOGE a payment method for Twitter, this could be a big positive for DOGE and can boost its price.
But this might take some time to mature. But less patient investors who are looking to earn big on short-term selling might be hoping for an immediate recovery.
Given all these ups and downs, DOGE surely carries the huge potential of earning for those investors who are more inclined towards sustained gains in the long-run of time.