Dogecoin (DOGE) may grow by 50% amid renewed tweets by Elon Musk. The cryptocurrency jumped 30% on Wednesday, above $ 0.34, after the eccentric billionaire mentioned DOGE in an announcement for Saturday Night Live on May 8.
Dogecoin may reach previous highs of $ 0.45 amid Musk’s pumping, block-chain24 writes. There are also technical prerequisites for the movement.
DOGE broke up from the symmetrical triangle on the 4-hour chart. The surge in trading volume confirms the “bullish” breakout, the target of which is shown by the “measured move” figure of technical analysis at the height of the triangle.
From other news. The Dogecoin community collects signatures for Amazon to accept the coin as a means of payment. Over four years, 204 thousand votes were collected. The goal of the campaign is to reach 300 thousand people.
The petition mentions that Dogecoin is being used as a means of payment by various businesses, institutions or individuals around the world.
Payments in Dogecoin have become much more popular, said Sonny Singh, commercial director of cryptocurrency payment service BitPay. According to him, now payments in DOGE account for up to 10% of the total volume of crypto payments processed by BitPay.
Fed chief Jerome Powell spoke out on Wednesday about the Dogecoin rally. When asked if the rapid growth of Dogecoin and GameStop is related to the soft policy of the central bank, Powell replied that there is “foam” in the stock markets.
“This hype is due to the fact that people just look at asset prices. It impresses them and they acquire this asset, ”he said.
The Fed is keeping interest rates close to zero, maintaining the bullish sentiment over cryptocurrencies. Speaking at his press conference, Powell made it clear that the Fed is not going to abandon loose monetary policy.
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