Crypto analyst Crypto Kaleo recently suggested that now is the best time for investors to position themselves Dogecoin (DOGE). This followed his statement, which indicated a price increase for the top meme coin in the coming days.

Why now could be a good time to invest in DOGE

In an X (formerly Twitter) afterKaleo reminded the crypto community about how the world’s richest man and X owner, Elon Musk, the X logo changed to Dogecoin a few days after April 1 last year. The crypto expert further revealed that he had already positioned himself in case Musk did it again this time.

Last year, the price of Dogecoin subsequently rose by more than 30% Musk replaced the X logo with the Shiba Inu dog (which happens to be DOGE’s logo). As such, Kaleo expects the meme coin to see similar price gains if Musk makes such a move again. Such a move will also provide some much-needed relief for Dogecoin, which has been steadily declining since rising to $0.22 last week.

Investors positioning themselves for such a move should be cautious, however, given the short lifespan of the ‘musk-triggered’ pump in the past. Furthermore, even if Musk were to change the X logo to the DOGE icon, such a move is expected to be temporary, with DOGE’s price likely to drop once the original logo is restored.

The same thing happened last year DOGE’s price fell sharply following X’s removal of the Dogecoin icon and return to the original logo. Meanwhile, in response to Kaleo’s post, his followers debated the possibility of Musk changing the X logo back to the DOGE icon. Some argued that it was unlikely, especially with the SEC lawsuit against Musk.

Musk pumps Dogecoin to $1

After Kaleo’s post, one X user (Shitcoin Alchemist), who has over 35,000 followers on the platform, said declared that Elon Musk will pump DOGE to $1. Optimism about the DOGE rising to $1 in this market cycle continues to grow, according to analysts to predict it is possible. However, if Musk wants to contribute to this parabolic rise, it will be through his actions rather than his words.

Musk seems aware of this, as does he recently mentioned that Tesla (which he founded) will eventually start accepting DOGE payments. Bitcoinist too reported that the Tesla Super Charging Station in Hollywood will accept Dogecoin payments when it launches.

Meanwhile, Musk and X are silent about the social media platform that DOGE integrates into its system payment serviceit undoubtedly remains a possibility and something that will significantly increase the odds meme coin adoption.

Dogecoin price chart from Tradingview.com

DOGE bears push price down to $0.18 | Source: DOGEUSDT on Tradingview.com

Featured image of MARCA, chart from Tradingview.com

Leave a Reply

Your email address will not be published. Required fields are marked *