There has been an increase in the daily trading volume for the meme coin - Dogecoin, which has become a billionaire's favourite.
Despite the current dip in the crypto market, investors and crypto whales seem to be accumulating Dogecoin in large amounts, given the recent hype over the coin by Tesla CEO - Elon Musk as having great potential.
Buzz began after Dogecoin co-founder Billy Markus known as Shibetoshi Nakamoto, tweeted last week, "I like Dogecoin because it knows it is stupid". Elon Musk then briefly stated, "it has the potential of becoming a currency".
This interesting response from Elon Musk has thrown the Dogecoin community into wild speculation on the possible potential to which the new Twitter CEO is referring. A greater audience seems to be projecting that Musk may be intending to make Dogecoin the official exchange currency for his newly acquired twitter.
According to analyst reports, Musk envisioned the concept of creating a Dogecoin-centred digital wallet. In simple form, the idea is a full-based Dogecoin payment platform that would be free and utilised by Twitter users. However, he is yet to disclose the full details of this thought and how soon one can expect to see it manifest.
Interestingly, Musk's reply received more than 50.2K likes and many comments. Since then, investors have been jumping into the coin, which has kept the DOG/USD price relatively resilient amidst the recent fall in cryptocurrency prices.
In light of support given by Musk for Dogecoin, most analysts agree that adopting Dogecoin as a means for Twitter will accord the meme coin a more prominent use case. Some are already forecasting that doing so will give the coin the most significant support to hit $1 in 2022. Hence, many consider the current decline in the prices of Dogecoin as the best opportunity to bag the meme coin for a long-term investment.
At present, the price of Dogecoin is currently at $0.0900. The next resistance for it is at $0.1350. With the price currently very low, many would consider it the best buying opportunity for long-term holding.