Prominent crypto analyst Ali Martinez has reported shared data regarding the social media mentions of Dogecoin after the recent move of Elon Musk to make it the Twitter logo.
The analyst believes that the all-time high reached by DOGE in this field may push it toward a price retracement, as already happened in the past after such peaks.
DOGE might be in for price correction
The chart shared by Martinez shows major price drops made by Dogecoin after its mentions on social media platforms spiked. In early January 2022, DOGE plunged by 44%, and then in October-November last year, the drop constituted a whopping 55% — from $0.14 to slightly above the $0.07 zone.
#Dogecoin | $DOGE has seen price corrections over the past year when daily social media mentions exceeded 13,000.— Ali (@ali_charts) April 5, 2023
Following @elonmusk's recent Twitter stunt, #DOGE's social volume reached 15,000 — possibly signaling an upcoming price retracement. pic.twitter.com/oBSMOghCEe
On the chart now, the social volume of Dogecoin has surged to the 15,000 level after Elon Musk made DOGE the "face of Twitter." The price of the original meme coin soared by roughly 30% immediately on this news, briefly reaching the $0.1 high.
Influencer ponders if DOGE were to become Twitter's currency
One of the crypto influencers who started wondering if Musk indeed plans to make Dogecoin one of Twitter's payment options for micropayments and/or tipping content makers was the founder of Gokhshtein Media.
Imagine if Elon Musk comes out today and states that DOGE becomes the official currency of Twitter?— David Gokhshtein (@davidgokhshtein) April 4, 2023
Imagine how many new people would come into this industry to finally try to understand our ecosystem.
David Gokhshtein is a well-known supporter of meme cryptocurrencies SHIB, DOGE and FLOKI. On Tuesday, he stated that if out of the 400 million user base of the platform, just 20% begin using DOGE for this purpose, this would already be very beneficial for the crypto space overall.
As for himself, Gokhshtein stated that he will now be paying only in DOGE, and he also humorously asked to be paid in it.