Why did the price of Bitcoin and Dogecoin go up together?
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Answer Why did the price of Bitcoin and Dogecoin go up together?
In the midst of a boring bear market cycle, Bitcoin and Dogecoin suddenly managed to rally together.
This comes at a time when Bitcoin has held the $19,300 level for most of the past seven days.
In what could be a huge boost for the Bitcoin community, the top cryptocurrency has jumped significantly in the past 24 hours.
Meanwhile, the DOGE coin has been on a steady rise in the past 24 hours as well, which raised hopes of a possible rally for the altcoin which posted a 10% rise in the last 24 hours.
Dogecoin, the largest meme coin by market capitalization, seems to have had an infusion in the coin’s price which was needed especially after the momentum around it weakened.
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A rally of nearly 10% brought Dogecoin close to a one-month high of $0.067.
At the time of writing, Dogecoin is worth $0.066, up 9.79% in the last 24 hours, according to CoinMarketCap.
The rise of Bitcoin and DOGE can be attributed to the news that Twitter is preparing to launch a crypto wallet.
A section of the crypto community felt that the Twitter crypto wallet could be bullish for Bitcoin and DOGE.
There were also reports that Elon Musk was about to buy Twitter.
Twitter Cryptocurrency Wallet:
On Tuesday, it was reported that Twitter was working on a Web 3.0-based crypto wallet product.
Reports suggested that the Twitter wallet prototype will support cryptocurrency deposits and withdrawals.
However, Twitter has not made any official announcement about this yet.
This is in line with the possibility of Elon Musk taking over the company.
Musk has already been a huge supporter of cryptocurrency, and has already encouraged the integration of crypto into Tesla payments.
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The crypto community is optimistic that Twitter’s crypto wallet will support Bitcoin and Dogecoin at launch.
This speculation led to an infusion of Bitcoin, Dogecoin, and other altcoins.
Twitter’s move to release a crypto wallet is another development in Twitter’s adoption of the Web 3.0 ecosystem.
Earlier this year, the social media platform allowed the posting of NFT profile photos for Apple users.
Meanwhile, Bitcoin made weekly gains thanks to pumping and a sudden rally.
At the time of this writing, Bitcoin is trading price $2,0200, up 4.56% in the last 24 hours.
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