News of Elon Musk’s Twitter acquisitions have resurfaced online and there is speculation that Dogecoin (DOGE) could replace the US dollar as Twitter’s official native currency. Recent reports from Bloomberg claim that Musk has offered to purchase Twitter for the first bid price of $54.20 per share.
Some members of the DOGE Army on Twitter are speculating about the possibility of Dogecoin being the official native currency of Twitter.
Since agreeing to buy Twitter for $25 billion in April, Musk has been unhappy with the company. After a short while, he claimed that Twitter had misled him over the number of its user base and the prevalence of automated accounts known as bots.
The price of Doge increased by as much as 6.20% in the previous hour. As of this writing, the price of Doge is $0.063, up 8% over the previous day. The fact that the price is very near to the monthly high of $0.067 for Memecoin says all about the influence of Elon Musk.
Dogecoin price action
Following a significant retracement at the end of September, Dogecoin’s price has been able to hold steady. Support was initially located around $0.059, and an attempt to move higher failed at the end of the previous week.
The previous low at $0.059 was then challenged again, and a somewhat higher low suggests that a subsequent move upward will occur shortly. Due to this, Doge began to steadily trade higher and eventually returned over the $0.06 price level.
Upward movement continued early today until it forked at the $0.061 level. After breaking higher, Dogecoin price movement soon increased purchasing pressure, moving in the direction of the $0.065 barrier where bullish momentum again paused.