Dogecoin (DOGE-USD) prices have surged since yesterday, currently up 7% over the last 24 hours. The coin’s rally came after Twitter (NYSE:TWTR) accepted a takeover bid by Tesla (NASDAQ:TSLA) CEO Elon Musk, spurring speculation that the world’s richest person will further integrate crypto with his newly acquired social media site.
Since reaching a daily low of around 12.4 cents yesterday morning before Twitter announced that it had agreed to Musk’s offer, Dogecoin has surged about 25% to 15 cents.
A longtime advocate of cryptocurrencies in general and Dogecoin in particular, Musk recently suggested that Twitter could accept the coin as payment for “features” provided by its “subscription service,” CoinDesk reported. Tesla already allows its customers to use Dogecoin to pay for certain merchandise. The Tesla CEO has also purchased a significant amount of the cryptocurrency.
Where Will Dogecoin Prices Go Next?
In May 2021, spurred by Musk’s tweets, Dogecoin attained a record high of 73 cents. Now, Dogecoin prices can reach 25.6 cents in a year and 74 cents in five years, WalletInvestor is predicting, based on “technical analysis.” According to the website, “DOGE is an awesome long-term (1-year) investment*.”
In the last three months, Dogecoin prices have climbed 12%, but they are down 7% in 2022 and 41% in the last 12 months.
On the date of publication, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
