Dogecoin (DOGE), with its surprising price increase of over 20% last month, once again mesmerized the cryptocurrency world. This impressive rally, which is familiar to DOGE investors, owes much of its success to Elon Musk and the recent developments on the social media platform Twitter, rebranded as X. Cryptocurrency analyst Stockmoney Lizards recently shared his expectation that the largest memecoin is preparing for a significant rally and will likely experience a major surge.
The First Trigger of the DOGE Rally: X
Investors, market analysts, and experts are expecting Dogecoin to make a significant move by integrating with Twitter, now known as X, as a payment tool. The main factor fueling this expectation was the statement by X’s owner, American entrepreneur Elon Musk, in a recent interview, where he mentioned that the social media giant will eventually become half of the global financial system. Musk believes that if done correctly, X will become the largest financial institution by far.
Considering Musk’s remarks, it is evident that the world’s richest person aims to transform X into a payment-focused social media platform, which is not surprising. The famous entrepreneur has expressed his intention in the past to turn Twitter into the application of everything, X. The platform being built is expected to resemble China’s super app WeChat, which combines various features such as messaging, dating, payments, and social media.
Furthermore, Musk’s strong interest in cryptocurrencies and Dogecoin encourages many members of the DOGE community to anticipate its integration with X and take positions.
Bitcoin’s Halving of Block Rewards Will Be the Second Rally Trigger for Dogecoin
Cryptocurrency analyst Stockmoney Lizards, in his Dogecoin analysis shared on his personal Twitter account, stated that besides the X factor, Bitcoin‘s anticipated halving of block rewards in April 2024 will also serve as a rally trigger for the memecoin.
The analyst said, “So, there are two driving forces that will essentially raise the price. The first one is Bitcoin’s block reward halving, which will occur in April 2024, similar to what happened in 2020 and 2016. The second driving force is the high likelihood of X being integrated as the foundation of the financial system.”
Analyzing the price chart shared by the analyst, it indicates that the current price of Dogecoin will surpass $12,000 with an increase of over 14,900%.
Bitcoin’s highly anticipated block reward halving reduces the rate at which new BTCs are created by 50%, resulting in a decrease in the supply of newly minted BTCs. In theory, the expectation of a fixed supply and increased demand for Bitcoin will lead to a rise in the price of the largest cryptocurrency and drive investors to turn to altcoins, creating a rally.
Looking back at history, it can be observed that the price of DOGE has significantly increased after each block reward halving, setting new records each time.
