Tesla Inc TSLA CEO Elon Musk’s “admiration” for Dogecoin DOGE/USD is “abundantly clear,” said an analyst pointing to a recent tweet, but it could be bullish if the entrepreneur kept Twitter and DOGE apart.
What Happened: GlobalBlock analyst Marcus Sotiriou said in a note, seen by Benzinga, that the cryptocurrency community’s imagination has “gone wild” regarding the possible integration of DOGE and Twitter.
“I would not rule this out, as Elon has made his admiration for DOGE abundantly clear,” said Sotiriou.
“I think the most bullish outcome for DOGE could be for Twitter to never actually integrate it into the platform.”
The analyst said, “If Elon continues to tease the crypto community for years, people’s imaginations about the potential opportunities will be far greater than the actual reality of DOGE being integrated.”
See Also: How To Buy Dogecoin (DOGE)
Why It Matters: On Tuesday, Dogecoin rose sharply after Musk tweeted a photo of a Shiba Inu dog wearing a Twitter outfit.
The Tesla CEO is a well-known DOGE-bull and interacts frequently with the community centered around the meme coin.
Dogecoin has shot up nearly 92.3% since Musk took over Twitter last Thursday. It has beaten Cardano (ADA) to emerge as the eighth-largest cryptocurrency by market cap.
Even as the price of the meme coin has more than doubled in October, at the time of writing the coin’s 24-hour trading volume remained robust — It was up 35.85% to $7.85 billion.
Price Action: At press time, DOGE traded 11.3% higher at $0.14, according to Benzinga Pro data.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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