Dogecoin celebrates ninth birthday, gears up to fight crypto bombshell Twitter coin
- 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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
