The dogecoin price has increased by 1% in the last 24 hours, with its current level of $0.085864 representing a 43% jump in the past month. The meme token owes its recent fortunes to Elon Musk’s $44 billion takeover of Twitter, but with the social media firm currently in disarray after its owner gave employees an ultimatum regarding its new work culture, it’s now uncertain whether DOGE can carry its earlier momentum forward.
With the coin still 88% down from its all-time high of $0.731578 (set in May 2021), it has a long way to go before it can regain its former record. This is particularly the case when the global macroeconomic picture is taken into account, which still outweighs any positivity generated by Twitter’s new owner.
Dogecoin Price Prediction as Elon Musk Gives Twitter Employees an Ultimatum – Can DOGE Rally Now?
DOGE’s indicators provide a mixed picture, with its relative strength index (purple) rising from 40 and suggesting a possible rebound. On the other hand, its 30-day moving average (red) has potentially peaked in its ascent above its 200-day average (blue), signalling a potential downswing.
This confused picture isn’t helped by dogecoin’s fundamentals, which have recently been heavily linked with Twitter and Elon Musk’s ownership of it. That’s because Twitter 2.0, as Musk likes to call it, has been dogged in the past few days by reports of mass resignations by its staff.
These resignations came in the wake of Musk issuing an ultimatum, whereby he demanded employees to commit to a new, more intensive workplace culture. It now seems that many employees don’t like the vision the Tesla CEO and SpaceX founder is creating for the social network, with many now leaving it behind.
In fact, some estimates suggests that 75% of the remaining 3,700 Twitter employees (Musk had previously laid off 50% of the social network’s workforce upon taking charge of the firm) have now effectively resigned. Even worse, the company has announced that its office in San Francisco will remain shut until Monday.
Now, observers are expecting Twitter to experience a cascade of technical problems, with a declining pool of employees available to iron out issues. The hashtags #RIPTwitter and #TwitterDown have been trending for the past few hours, illustrating the prevailing mood.
This affects dogecoin insofar as its recent gains were based on the presumption that Elon Musk would introduce Twitter payments and/or tipping in the altcoin. Now, it seems like the realization of such plans couldn’t be further away, with Musk currently wrapped up in convincing engineers to remain at the firm.
As such, DOGE’s gains from late October may be dissipated in the coming weeks, as Musk’s ownership of Twitter turns increasingly sour. Of course, he could indeed turn things around and eventually introduce some kind of integration with Dogecoin, but at the moment such a possibility seems increasingly remote.
In fact, earlier reports had suggested that Musk had already put cryptocurrency integration on the back burner, with the Twitter owner urging staff to prioritize the rollout of the new subscription system. As a result, it may be a while before DOGE receives another external boost from Musk.
At the same time, it needs to be said that DOGE’s fundamentals are very weak for such a large (in terms of market cap) cryptocurrency. When looking at GitHub commits in the past 12 months, for example, it ranks way down in 108th place, behind Ocean Protocol.
This highlights the relative lack of development the Dogecoin protocol has seen in 2022 (and earlier), implying that its recent gains are largely based on hype, rather than on some fundamental reason to assume that it will outcompete other cryptocurrencies for adoption. It also has few partnerships or instances of adoption to celebrate, with the occasional report of merchants accepting it this year neglecting to mention that such acceptance came as part of a wider acceptance of various other cryptocurrencies as well.
In other words, if you take away the association with Elon Musk, DOGE doesn’t have much going for it. And with Elon Musk’s name potentially becoming toxic in the wake of his apparent bungling of the Twitter takeover, such an association could end up doing more harm than good.
More Promising Altcoins
While it looks like DOGE currently has more chance of falling than rising in the short-term, there are at least some tokens which do have the potential to post some good gains, even with the ongoing market turbulence (caused mostly by FTX’s collapse).
For the most part, these are new coins currently holding their presales. This means that investors can snap them up early at a steep discount before they list on exchanges, at which point recent history has shown they could rally big.
The following are three of the most promising coins holding a presale right now. Each of these tokens has solid fundamentals, with their respective sales quickly accumulating investors.
Dash 2 Trade (D2T)
Dash 2 Trade is an Ethereum-based trading intelligence platform where investors can access real-time analytics and social trading data, all of which aim to help them reach more informed trading decisions.
Due to launch in the first quarter of 2023, the sale for its native D2T token has already raised more than $6.4 million. It has also announced listings on BitMart and LBANK Exchange for early next year, confirming that investors will indeed have the opportunity to lock in some real returns.
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Calvaria (RIA) is a new video game which revolves around the collecting and trading of NFT-based cards, which can also be used to do battle with other players and earn rewards. What differentiates it from other titles is that users will be able to play it without having to hold any crypto, something which could make it more accessible to more casual gamers.
Within its ecosystem, RIA will be used for purchasing in-game items and for staking, giving it a strong use case within its ecosystem. The presale for the token has raised just over $1.8 million and is currently in its fourth stage, during which 40 RIA can be had for 1 USDT.
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Also running on Ethereum, RobotEra (TARO) is a Sandbox-style Metaverse in which gamers can play as robots and participate in the creation of its virtual world. Its alpha version will go live by Q1 2023, with its ecosystem enabling users to create their own NFT-based land, buildings, and other in-game items.
1 TARO is currently selling for 0.020 USDT (it can be bought using either USDT or ETH), although this price will rise to $0.025 in the second stage of its presale, which is due to begin soon.
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