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The cryptocurrency community anticipates that the meme-inspired digital asset Dogecoin ($DOGE) will experience a slight price increase by the end of the month, with an aggregate of nearly 1,000 estimates pointing to a rise of approximately 3%.
According to CoinMarketCap’s price estimates feature, the community expects Dogecoin to trade at around $0.0873 per token by the end of April, up from its current level of $0.0848, representing an increase of roughly 3%.
It is important to note that these community predictions may not materialize. The platform indicates that the community’s historical accuracy is slightly above 79%. Recent data shows the accuracy rate was around 91% in February, but it dropped to approximately 89% in March 2023. In October of the previous year, the accuracy stood at 51%.
The Dogecoin community celebrated earlier this month when Twitter CEO Elon Musk briefly changed the microblogging platform’s logo to the DOGE symbol, but many were stunned when Musk suddenly removed it.
Musk had replaced Twitter’s traditional bird logo with the widely recognized Dogecoin symbol on the Twitter homepage in a platform-wide change, exposing the DOGE logo to over 360 million monthly active users on the platform.
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Musk has since decided to restore Twitter’s bird logo to the top left corner of the homepage, dealing a significant blow to the hopes of many DOGE fans who believed Twitter would integrate Dogecoin into the platform in the near future. This move has had an immediate negative impact on the DOGE price.
As previously reported, a prominent cryptocurrency analyst reaffirmed their belief that the meme-inspired digital currency is poised for a surge in the near future, targeting a 180% increase potentially triggered by the “meme holiday” of April 20 (4/20). April 20 is considered a meme holiday because it is a day when cannabis enthusiasts worldwide celebrate marijuana culture in their own unique ways. The date 4/20 is derived from the code 420, which was used by a group of high school students in California in the 1970s to signal their meeting time for smoking cannabis.
Countless memes poke fun at the effects of marijuana, stereotypes of cannabis users, the legal status of the drug, and the reactions of celebrities and politicians. According to pseudonymous cryptocurrency strategist Kaleo, these memes will also help drive DOGE’s price up, as he expects Elon Musk, CEO of Twitter, Tesla, and SpaceX, to tweet about the cryptocurrency.
As CryptoGlobe reported, tens of billions of DOGE tokens are now held by long-term investors. Entities that have been holding the cryptocurrency for over a year now possess 44.8 billion tokens, valued at over $4.5 billion.
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