Dogecoin (DOGE) seemed to be cooling its paws in the early Tuesday hours.
After more than doubling in value following an inexorable week-long rally, the Shiba Inu-themed meme coin was plateauing within the US$0.12-0.13 range.
Speculation that the world’s richest man and fervent DOGE supporter Elon Musk was going to swiftly integrate the meme coin with Twitter was only going to sustain the rally for so long.
But just as hype was calming down, the Dogefather swooped in with one of his patently obscure Tweets.
In this instance, a simple picture of his adorable pet Shiba Inu ‘Floki Frunkpuppy’ dressed in an ill-fitting Twitter t-shirt.
???? pic.twitter.com/eaIYaDRBnuLow-effort Halloween outfit? Yes. Dog-whistle crypto market engineering? Probably not, Musk just loves to s***post.— Elon Musk (@elonmusk) November 1, 2022
What isn’t debatable though is that Musk’s frustratingly dull photography skills sent DOGE soaring from its plateau once again, as clearly elucidated by popular market-tracking profile Unusual_Whales.
pic.twitter.com/UzY2i2DYojAt the time of writing, the meme coin top dog is a further 15% up day on day, and is changing hands at just under US$0.14, the highest price point in over six months.— unusual_whales (@unusual_whales) November 1, 2022
By my rough calculations, DOGE’s market capitalisation could shoot past Ripple (XRP) by the end of the week should these gains replicate.
It’s not a far-fetched possibility, but a King-sized correction is surely a given if and when the top is hit and this memetic rally comes to an end.
But there’s another possibility to consider: Musk proves the speculators right and Dogecoin (DOGE) becomes Twitter’s official currency.
Big deal, you might say. Well yes, it actually could be.
According to a Verge report, Musk plans to start charging US$20 per month for verified accounts, meaning for 20 bucks, you can get one of those blue ticks so coveted by the Twitterati.
No one really knows how much revenue this would pull in, but making DOGE the sole exclusive crypto payment option would be huge news for the meme coin.
In fact, with this amount of utility, it wouldn’t be fair to label DOGE as a meme coin at all.
Nothing has been confirmed, but as I’ve long said, hype is the lifeblood of the cryptocurrency markets.
With DOGE once again in a Musk rally, what further proof do you need?