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Dogecoin, the original souvenir coin, currently exhibits strong performance, retaining its current strength of $0.09370. According to Coinhecko, the token is still up in all time frames with the biggest gains being made in the monthly time frame at 27%. This uptrend is the result of recent references to the coin by Elon Musk.
Musk tweeted back on January 25 last year about how he will eat a McDonald’s happy meal if the fastfood company accepts Dogecoin as a mode of payment. Since then, the DOGE community has been putting pressure on the company as they show support for Elon’s proposal.
If McDonald’s ever implements DOGE as a mode of payment, the coin would have access to 40,031 restaurants while simultaneously adding a big name in the already large number of merchants that accept the coin as payment method.
You still open the offer? pic.twitter.com/lTE4wdl0jf
— DogeDesigner (@cb_doge) January 27, 2023
Elon’s Influence About the remnants of Dogecoin.
The effect of Elon Musk on the evolution of prices is certainly obvious on the part. After this tweet, Doge started a rally after dropping 34 percent in less than a week. Now that Musk renewed his offer to McDonald’s, it remains to be seen if the company even accepts the offer.
Of course, the Doge community has been very optimistic about accepting the piece as a payment method. Matt Wallace, a huge crypto influencer, replied to Musk showing his support for McDonald’s acceptance of DOGE as a payment method:
McDonalds #Dogecoin Acceptance Coming!
— Matt Wallace (@MattWallace888) January 27, 2023
However, this optimism does not consider McDonald's side on whether to accept Dogecoin, or crypto in this regard, as a payment method.
DOGE total market cap at $11 billion on the daily chart | Chart: TradingView.comHopeful investors should be prudent.
Optimism is good for the market because it means that investors have high asset confidence. However, the doge market movement at this time could recall the price increases of the past year when the billionaire tweets about the meme coin.
But it is no wonder that the industry is very bullish as Tesla, an electric vehicle company owned by Elon Musk, already accepts DOGE as a form of payment for Tesla merchandise.
During this time, the Dogecoin is trading at $0.0892 with more than enough room for a constant rise in prices. Investors and merchants can also take advantage of the strong correlation of the coin with major cryptos such as Bitcoin and Ethereum as these coins are bullish with btc close to $24,000 and ethereum (eth) smash $1.6k.
Highlight: Inc. Magazine.
