The Dogecoin price has risen by 6% in the past 24 hours, following a tweet from Elon Musk that promised to pay “a million Dogecoin” for proof that he and/or his family once owned an emerald mine in South Africa.
At $0.087026, DOGE is down by 6.5% in a week but up by 19% in the last 30 days, as well as by 23.5% since the beginning of the year.
The meme token’s latest Musk-inspired rally follows similar surges in the year to date, with the Dogecoin community continuing to hold out hope that the Twitter owner will follow through on earlier hints that DOGE-based payments may eventually arrive on the social network.
Yet with no reliable confirmation that this is going to happen anytime soon, many investors have been turning to other cryptocurrencies in recent weeks, with the Love Hate Inu (LHINU) presale impressively raising over $3.8 million in only a few weeks.
Dogecoin Price Prediction as Elon Musk Tweet Sends DOGE Soaring
As things stand, DOGE’s indicators remain in a promising position, revealing strong momentum that looks as though it could continue for a few more days.
The coin’s relative strength index (purple) has shot up to 70, with its steep ascent suggesting that it’s not going to slow down anytime soon.
Much the same goes for its 30-day moving average (yellow), which has just resumed rising above its 200-day average (blue), signalling that further gains are possible.
As for its resistance level (red), a key price to watch out for is $0.088, which could indicate a breakout if exceeded.
As noted above, the cause of DOGE’s latest rally is none other than Elon Musk, who continues to namedrop and reference Dogecoin at almost every able opportunity.
This time, he suggested he would pay one million DOGE (currently worth around $87,000) to anyone who could provide proof of emerald mine ownership in his family.
The claim that Musk or his father (Errol Musk) owned an emerald mine has followed the entrepreneur around for several years, with fact-checking website Snopes writing that the only evidence it could find relates to Errol owning a stake in such a mine in Zambia.
True or not, the long-running claim has provided yet another occasion for a DOGE rally, with Musk also causing other rallies this year.
Last week, Musk changed Twitter’s bird logo to an image of a Shiba Inu dog (Dogecoin’s mascot), while February also saw him attend the Super Bowl wearing a Dogecoin T-shirt.
Such stunts have all fed into the widespread belief (within the Dogecoin community at least) that Musk will eventually bring DOGE-based payments to Twitter, an expectation that first arose last April when the Tesla owner made a move to buy the social network.
And today, this expectation has been fed even further by the news of Twitter partnering with eToro to bring crypto and stock trading to its platform.
For many, such a move confirms the suspicion that Twitter will move increasingly into finance, a move that will eventually result in DOGE payments coming to the network.
If so, DOGE could see a very big rally, helping it to shed a decimal place and start the journey back towards its all-time high of $0.731578, which was set in May 2021.
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All Attention is on This Lesser Known Crypto – Here’s Why
Yet despite Musk’s obvious affection for DOGE, Twitter has never given any real indication that it would prioritize the meme token above all other coins if it ever moved into cryptocurrency payments.
As such, if and when Twitter does introduce crypto-based payments (and not just DOGE payments), the hype surrounding Dogecoin may die down, leaving behind a meme token with no real use case.
It’s likely that such concerns have led investors to look at other altcoins for big gains in recent months, with Love Hate Inu being one of the most promising.
Running on Ethereum, Love Hate Inu is a decentralized polling platform that enables users to earn crypto rewards for voting in surveys and polls.
Encouragingly, the presale for its LHINU token has raised more than $3.8 million, despite being launched only a few weeks ago.
It has just launched its first official poll on its website, with its platform expected to make its full launch by the end of the current quarter.
Once launched, Love Hate Inu’s team is hoping that its platform will corner a segment of the global online survey market, which is forecast to see its value grow from $3.2 billion to $5.69 billion by 2027.
This means it’s operating in a lucrative sector, which it believes it can dominate by virtue of its unique combination of meme dynamics and social media-style polling.
It has already attracted just over 35,000 followers on Twitter, suggesting that it has already made the best possible start on this journey.
To join the LHINU presale, investors can simply head over to the official Love Hate Inu website and use either BNB, ETH, USDT or fiat currency to purchase the new altcoin.
One LHINU token currently costs $0.0000105, yet this price will rise to $0.0000115 when the sale enters its fifth stage, which will happen in just over two days.
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