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Tesla CEO Elon Musk recently captured the attention of the cryptocurrency community with a comment on X (formerly Twitter).
The interaction began when Musk tweeted about Starlink bank accounts being frozen. This detail attracted a reaction across the board, including that of "Sir Doge of the Coin," a prominent Dogecoin community member, who replied, "Dogecoin fixes this."
The comment was meant to highlight Dogecoin’s potential as an alternative, decentralized financial solution in a world where traditional banking systems sometimes falter.
Musk, a known Dogecoin supporter, replied, "Hmm. you make a good point." This seemingly casual acknowledgment from Musk was enough to trigger a reaction from the Dogecoin community, with many interpreting it as a sign of Musk seeing potential in Dogecoin.
Tomiwabold OlajideAgainst this backdrop, the response of the self-proclaimed "Dogefather" has sparked a wave of excitement and speculation in the Dogecoin community. Some believe that Musk might be hinting at a larger role for Dogecoin in his business ventures, possibly integrating it into Tesla, Starlink or other ventures. Others see it as a continuation of Musk’s ongoing support for Dogecoin.
Dogecoin boosting its adoption
In March this year, the Dogecoin Foundation released Dogecoin GigaWallet v1.0. GigaWallet is a backend service that offers a simple integration API for sites like online stores, exchanges and social media platforms to transact Dogecoin programmatically.
The Dogecoin Foundation is nearing the launch of Dogebox, a drop-in platform for building solutions on top of the Dogecoin blockchain.
At the time of writing, Dogecoin was down 1.88% in the last 24 hours to $0.096, mirroring the lackluster trading action on the general crypto market.
However, there may be some good news on the horizon, as crypto analyst Ali Martinez observes that Dogecoin is showing a bullish divergence against the RSI on the four-hour chart, with the TD indicator flashing a buy signal. These positive signs might suggest a potential price rebound for DOGE on the horizon.
Alex Dovbnya
Vladislav Sopov