Dogecoin (DOGE) Price May Surge As Twitter Obtains Crypto License

Dogecoin (DOGE) price is up almost 19.5% from its monthly lows. It has been one of the best-performing altcoins since the BTC price crashed below $25,000 in August 2023. The biggest memecoin is getting strong tailwinds from the recent developments at X (formerly Twitter).

On a weekly timeframe, DOGE is up 4.75% this week. The technical analysis reveals the top dogcoin is outperforming major digital assets as the memecoin enthusiasts anticipate big things for the project. There are quite a few factors behind the ongoing strength shown by the dog-themed token, which are mentioned below.

DOGE Outperforms BTC

The Bitcoin pair of Dogecoin reflects its strength against the most valuable digital asset. Many sophisticated traders prefer to trade altcoins in BTC pairs to accumulate more Bitcoin. While this trading technique might be out of the scope of this article, it still helps to analyze these pairs.

The following DOGE/BTC chart depicts that the coin has surged 19.68% against BTC since the end of June 2023. This shows that the money is flowing to the top memecoin from Bitcoin. After a brief pullback in August, the price is on a roll once again.

Twitter To Integrate Dogecoin?

Dogecoin is rising amid Twitter's rebranding to the X app. Holders speculate that Elon Musk will integrate it into the platform. Twitter boss has been a vocal supporter of the biggest memecoin in the past, and he has even hinted that he could make it a default payment option on Twitter. This has led to increased demand, which has pushed Dogecoin price up.

In one of this week's biggest developments, X (Twitter) obtained the currency transmitter license in Rhode Island that enables it to transact and exchange digital assets. In April 2022, X launched a tipping feature that allowed users to send Bitcoin to each other.

Dogecoin Price Prediction

Unlike other altcoins, DOGE price is driven primarily by the hype. Since 2021, tech billionaire Elon Musk has been a staunch supporter of the project. His Twitter takeover made the Dogecoin price prediction even more bullish. Elon has often mentioned the decentralization of DOGE as its biggest selling point.

The following DOGE/USDT chart might look a bit overwhelming at the very first sight. However, it clearly shows a few key levels that the memecoin price has respected in the past few months. Bulls are currently holding the $0.065 support level. If the Bitcoin price remains favorable, I expect a retest of the range highs around $0.08 in the coming weeks. Before this level, bulls also need to reclaim the 200 MA, which currently lies at $0.075.