Dogecoin continues to impress with its price performance in January.
On January 11, the world’s most famous meme coin picked up nearly 5% in value. Doge went from $0.075 to over $0.080 at this time of writing.
The cryptocurrency’s run in 2023 has been outstanding so far. This week, Doge gathered nearly 15% of value, and since the turn of the year, it amassed a nearly 18% growth.
So far, Dogecoin is going through a 4-week high, and the possibilities for growth are still present.
Overall, Dogecoin is following the most recent crypto market movement. Since the beginning of January, the entire market is seeing much-awaited gains, after 2022’s bear market.
CPI Index Release Could Affect Doge’s Price
This Thursday is going to prove a quintessential day for the cryptocurrency market, including dogecoin.
On this date, the US Government will release the most recent Consumer Price Index, alluding to the effects of inflation on the American consumer in December.
On January 12, the Bureau of Labor Statistics (BLS) will release US inflation numbers for December 2022. The process for calculating US CPI will change in the future. The current model is being used to calculate the December 2022 CPI statistics.
In case expectations turn to reality and the result becomes a positive thing for crypto, currencies like Dogecoin which are generally seen as riskier than bitcoin will have a lot to gain.
Twitter News Should Affect Doge in The Near Future
Recently, Elon Musk’s newest company announced an exciting crypto feature in its platform.
However, those are not exactly exciting news for Dogecoin investors. Twitter is rumored to be in the creation stages of its own cryptocurrency, titled Twitter coin.
Taking inspiration from Reddit Gold, the Twitter coin will function as a “reward system” where users can donate between themselves on the platform.
Moreover, if de-facto the project gets implemented, the fact that this new crypto project has nothing to do with Dogecoin will likely negatively affect the meme coin.
On top of that, Twitter is now accepting crypto payments in Bitcoin and Ethereum, but not Dogecoin.
For years now, Elon Musk and Doge have been closely attached to each other. If the market gets the sentiment that the billionaire is “ditching” the dog-inspired currency, Dogecoin will certainly feel the effects of this decision.
