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Dogecoin (DOGE) is having a great showing this morning with its price up by more than 28% atop a price of $0.09922. Several factors have led to this bullish growth, and besides the impact of the broader ecosystem as driven by Bitcoin (BTC), the latest Elon Musk tweet about the identity of the meme coin has positively riled up the community.
Dogecoin's growth has set a pace for other meme coins, including its rival Shiba Inu, in a rare move that many believe is long due. In the hours leading up to the start of the price rally, top crypto analyst Chris Burniske asked a very thought-provoking question about when the valuation will surpass that of Twitter.
How long til $DOGE is worth more than Twitter
— Chris Burniske (@cburniske) April 3, 2023
There is a very strong correlation between the Dogecoin price and the Elon Musk-owned microblogging platform. Besides having its most vibrant community there, the biggest promotion of the digital currency takes place on Twitter, making the social media platform Dogecoin's biggest publicity stage.
At the time Elon Musk bought the company last year, it was worth $44 billion. There is no inclination of what the valuation will be now that the firm is a privately held company.
Yuri MolchanSteep road to surpass Twitter
At the current price level, Dogecoin has a market capitalization of valuation of just $13.7 billion, a far cry from the $44 billion benchmark that Twitter was last valued at.
While there are chances the price of the meme coin will keep growing, there is also a possibility that the valuation of Twitter will keep rising as Musk continues to invent and bring innovations to the company.
The question from Burniske now appears to be a rhetorical one in what looks like a projection that will take a long time to achieve. In the most positive projection, the shortest time will be the next bull run, and that time is largely unpredictable.
Arman Shirinyan
Dan Burgin
Alex Dovbnya