Following the recent 2023 rush, Dogecoin is reaching its highest price in months.
After this week’s Consumer Price Index report indicates that the Federal Reserve’s interest-raising policies are starting to show signs of controlling the United States inflation, the entire cryptocurrency market is entering a consolidation phase.
On top of that, the world’s most famous meme coin also got an extra pump regarding the most recent news from Elon Musk’s new company, Twitter.
The social networking site has now implemented a Dogecoin “cashtag,” a new feature that allows users to conveniently search cryptocurrency price movements on the platform.
The introduction of doge on Twitter’s cashtag took longer than expected. At first, Musk’s company introduced other cryptocurrencies like bitcoin and Ethereum. Fans of the meme coin began questioning if the multi-billionaire was starting to part ways with his relationship with Dogecoin.
However, this week the meme coin was finally added to the platform.
As a result, Dogecoin is surging by nearly 6% on the daily chart, according to CoinMarketCap.
The currency surpassed the $0,08 resistance zone with relative ease. At this time of writing, doge is trading at around $0,085 – with no indications that the price will go through a significant retraction soon.
Dogecoin Going Back to $0,10?
As of right now, major cryptocurrencies like bitcoin and Ethereum are beginning to crawl back to the price they had before the cryptocurrency exchange’s meltdown sent the entire market plummeting.
Before Sam Bankman-Fried’s market crash, doge traded at around $0,12.
However, while reaching back to that price is certainly on doge investor’s plans – Dogecoin is playing a relatively different game when compared to bitcoin.
Throughout December, doge proved to be much more susceptible to Twitter news, while the other cryptos were mostly affected by FTX’s news and Federal Reserve’s pressure.
On December 5, Doge was already close to getting back to the pre-FTX price, when it reached $0,11 around 6 AM. The reason for that surge was a report regarding Twitter implementing new cryptocurrency features in the platform.
For better or worse, dogecoin is now closely related to Twitter, and the performance of Musk’s newly purchased social media company will most likely affect the meme coin as well.