Why can the price of Dogecoin soar high in 2024?

Despite the bear market currently haunting crypto assets, one of the meme coins, Dogecoin, is still maintaining its popularity. A crypto analyst, going by the name Kaleo on Twitter, has issued a strong buy recommendation for Dogecoin after a prolonged downtrend.

Kaleo believes that Dogecoin's current price range presents a lucrative opportunity for purchases. The basis for this prediction lies in the hopes of billionaire Elon Musk, who will soon integrate Dogecoin as a payment method on Twitter.

This speculation gained some traction, as Musk added the iconic DOGE logo to his Twitter profile alongside a new X symbol for the platform.

"This move demonstrates the high probability that Musk will take action this time, and it is not just a fluke," Kaleo said.

However, he also acknowledged that the altcoin's journey might meet with some obstacles for some time to come. There may be a cooling period in the current Dogecoin rally, in line with the broader trend in the crypto market.

Despite that, Kaleo advises investors to consider accumulating the coin during the potential decline from its current price. The prospect of Dogecoin becoming an accepted payment method on Twitter (now renamed X) has been eagerly awaited not only by the DOGE community but also by the entire crypto market.

“This integration will provide the most significant adoption of meme coins to date, as it gains exposure to the social media platform's large user base,” he said.

Kaloe said, if DOGE is indeed an accepted payment method on Twitter, then there is a possibility that the price could jump to US$ 0.2.

“A rally like this is going to happen very quickly,” said Kaleo.

As of now, DOGE is currently trading at $0.077, which is a 9 percent increase from Monday's price. Despite recent fluctuations, Dogecoin remains the 7th largest cryptocurrency with a market cap of US$10.89 billion.

Similar to Kaleo, a financial analyst named Raoul Pal recently shared his insights on Tesla CEO Elon Musk's exciting moves in tech and crypto. According to Pal, Musk's latest acquisition was driven by three main motives, namely the development of artificial intelligence (AI) and new opportunities in global payments.

1. AI Development:

Pal stated that Elon Musk's acquisitions, especially the purchase of "X," were largely driven by advances in artificial intelligence (AI). Musk intends to use the AI technology he has acquired to train his ambitious project, namely the Optimus robot. By acquiring advanced AI capabilities, Musk aims to amplify the intelligence and decision-making capabilities of his autonomous creations.

Furthermore, Musk's focus on the “freedom of speech aspect” demonstrates his intention to implement a non-biased model in the AI infrastructure. Such a model has the potential to play an important role in ensuring the ethical development of AI, avoiding biases that may arise during the learning process.

2. Crypto for Global Payments:

Another important aspect of Musk's strategy, as revealed by Pal relates to cryptocurrencies and their potential role in facilitating global payments. Pal speculates that Musk could be eyeing Dogecoin (Doge) as the cryptocurrency of choice to enable cross-border transactions and reward creators.

As is well known, Musk has been a supporter of crypto, especially Dogecoin, and often expresses his views on various social media platforms. If he does integrate crypto payments into his venture, it could have a significant impact on widespread crypto adoption and the overall financial landscape.

3. Integration of Payments and Securities Companies

Additionally, Pal predicts that Elon Musk may be considering integrating payment services and securities firm functions into his existing ventures. This integration aims to simplify the financial conversation within the Musk business empire, making it easier for users to make transactions, invest, and manage their funds seamlessly.