The price of Dogecoin surged by a sudden 30% this week after the CEO of Twitter, Elon Musk, made a temporary move to change the Twitter logo into the Dogecoin mascot. Following the platform makeover, DOGE started to surge aggressively as the token added over $1.7 billion to its market cap in a matter of minutes.
With DOGE on the rise, investors are wondering how high the rally can take the price of the memecoin. At the same time, it seems that investors are starting to pull some of their profits out of BTC and DOGE to invest in the next memecoin sensation – Love Hate Inu – one of the fastest-growing presales of 2023.
DOGE Surges 31% In 7-Days Following Twitter Logo Rebrand
The price of DOGE surged sharply at the top of the week after Elon Musk, the CEO of the social media powerhouse, made the decision to change the Twitter icon within a user’s dashboard to the Dogecoin mascot;
When users logged into the platform on Monday, the original Twitter bluebird was removed, and the happy Dogecoin logo instead greeted users. As a result, DOGE would go on to surge by over 30% following the Twitter rebrand as investors quickly rushed to the token, believing an imminent integration into the social media platform was on the table. In fact, the token surged by over 22% in a matter of minutes following the rebrand, surging from $0.077 to $0.097.
The overwhelming demand resulted in $1.7 billion being added to the market cap for the memecoin in a short few hours – pushing the memecoin sensation to the seventh-ranked position – with a market cap value of $13.7 billion.
Elon’s Memecoin Obsession
Elon Musk has been a well-known advocate of Dogecoin since his first Tweet about the token in early 2021. His first Tweet, which simply stated that Dogecoin might be his favorite currency, caused the memecoin to surge by over 50%;
He would then continue to voice his love for Dogecoin over the following months, calling himself the “Dogefather” during his appearance on Saturday Night Live in May 2021.
In September 2022, Tesla – Elon Musk’s electric car company – released a series of Cybertruck-inspired whistles, selling the merchandise for 1,000 DOGE, which was around $60 at the time.
It didn’t stop there. Elon continued to Tweet about Dogecoin from time to time over the past few months, with his most recent being a funny meme;
Since buying Twitter and turning the company private, Elon has continued to Tweet about Dogecoin, proving that the billionaire can move the price of Doge with a simple Tweet at his will.
Elon Requests to Dismiss $258 Billion Dogecoin Lawsuit.
The “troll move” of turning the Twitter logo into the Dogecoin logo came after Elon Musk requested to dismiss the $258 billion lawsuit he’s currently facing. The lawsuit – first filed in June 2022 – accuses Elon Musk, Tesla, and SpaceX of running a pyramid scheme using the cryptocurrency, stating that Musk deliberately drove the price of Dogecoin higher by over 36,000% over a two-year period to only let it crash.
The investor suing Musk – Keith Johnson – believes that this generated billions of dollars of profit for Musk at other investors’ expense, even going as far as referencing the segment on Saturday Night Live where Elon called Dogecoin “a hustle.”
Nevertheless, Musk’s lawyers have requested that the case be thrown out due to the fact that investors cannot explain how Musk intended to defraud anybody and that there is nothing unlawful about Tweeting his support for the cryptocurrency.
DOGE Price Analysis: Is the Dogecoin Trend Still Active?
With the push higher, many investors wonder how high DOGE can run with the newly birthed bullish sentiment behind the token.
Interestingly, DOGE witnessed a very strong surge toward the end of October 2022, which allowed the memecoin to rally by a total of 170% as it reached as high as $0.158;
The October 2022 price surge was also fuelled somewhat by Elon Musk, as investors speculated that the Tesla CEO would immediately integrate Dogecoin into Twitter if he successfully acquired the company.
Since surging in 2022, Dogecoin has seen a relatively muted few months of trading. The cryptocurrency didn’t manage to remain above $0.1 for very long and would eventually go on to create new lows in March 2023 at a price of $0.062. However, this week’s price explosion has allowed DOGE to break out above a five-month-old descending trend line, pushing the sentiment into a bullish narrative.
This week’s 30% surge has allowed DOGE to reach as high as $0.105, but the token is seeing resistance at $0.1, provided by a bearish .382 Fib Retracement and the February 2023 highs.
Suppose the buyers can continue to break through the bearish .382 Fib Retracement resistance. In that case, the next level of higher resistance lies at $0.11, provided by a bearish .5 Fib Retracement level and the December 2022 highs. This is followed by resistance at $0.116 (1.272 Fib Extension level), $0.122 (bearish .618 Fib Retracement level), $0.131 (1.618 Fib Extension level), and $0.142 (November 2022 high-day closing price).
On the other side, the first level of strong support lies at $0.096. This is followed by additional support at $0.09, $0.0875 (Feb 2021 highs), $0.08, and $0.075.
It’s important to note that the RSI is in extremely overbought territory, indicating that the momentum is strongly in the bullish favor. Still, they might be running out of steam to keep the rally alive.
Are Memecoins Back In the Crypto Narrative?
With Dogecoin back on the rise, many investors are starting to look toward other memecoins to try and take advantage of any potential price increases coming over the coming weeks. Shiba Inu, the second-largest memecoin token, saw a substantial 10% price surge this week, while lower ranked memecoins such as Baby Doge Coin and Dejitaru Tsuka saw price rises of 25% and 40%, respectively.
However, it’s not just altcoins that investors are quickly rushing to take advantage of the rejuvenated interest in memecoins. Investors seem to be also putting some of their BTC and DOGE profits into presale memecoins, with one, in particular, shining above the rest.
Love Hate Inu Approaching $3 Million in Fundraising.
The Love Hate Inu presale only started during the second week of March 2023 but is already quickly approaching the $3 million milestone in fundraising – proving heightened interest in the token. Investors are incredibly bullish on this new memecoin sensation that brings a new level of utility through its vote-to-earn mechanism.
Love Hate Inu is a memecoin utilizing GameFi mechanics with a public voting utility function that can be verified on the blockchain. It provides a secure and transparent platform that allows users to vote on issues that matter the most while rewarding them in a vote-to-earn economy. Instead of rewarding users for keeping fit (move-to-earn) or playing games (play-to-earn), the vote-to-earn platform rewards users for casting their honest opinion on essential topics.
The platform lets its users vote on polls, stake their tokens, and mint new memes while rewarding them in native tokens $LHINU – the native token behind the platform.
Disrupting a $3 Billion Industry
Love Hate Inu intends to totally disrupt the online survey market by making the first blockchain-powered voting platform. The fact that the voting system is linked to the blockchain means that the votes recorded are immutable and cannot be tampered with.
There’s a strong need for a decentralized voting platform because it’s becoming increasingly impossible to know what opinions are real on social media. With a rising number of trolls, AI Chatbots, and paid shills on these platforms, it’s almost impossible to gauge public opinion on a particular topic due to the manipulation through fake accounts.
Targeting the online survey market is an excellent outlook because the sector reached as high as $3.2 billion in 2023. With a compounded annual growth rate of 14.6%, the industry is expected to continue to grow to hit $5.7 billion by 2027, and Love Hate Inu will be the first cryptocurrency project entering the sector – providing it with the first mover advantage.
Once established, the team can easily partner with specific, high-profile brands to run sponsored polls with exciting rewards. For example, the team could provide NFT discount codes and branded metaverse assets for participants that vote in these sponsored polls.
Intuitive Platform Where Those Invested Only Vote
The entire Love Hate Inu platform is built on the Ethereum blockchain and is managed through the Love Hate Inu central dApp. This dashboard provides everything users would need to access the ecosystem, including;
- A User Interface – To connect wallets, vote, and earn rewards.
- A Voting Submission Platform – Allowing participants to vote and submit new poll ideas.
- A Management Dashboard – Designed to protect the community by ensuring all active votes are conducted honestly.
To keep in line with the method of decentralization and make an accessible platform run by the community, the Management Dashboard will be used by the team to host polls using funds generated by the platform to give back to the community.
Users are required to stake their tokens to be eligible for casting votes in polls on the platform. The act of staking qualifies a user’s vote and is designed to prevent spam and manipulation of results. In addition, this tactic ensures that only those genuinely invested in the platform will have a say in the outcome of a particular vote.
The act of staking also helps to create a system where all votes are anonymous. As a result, users will be able to express their honest opinions without fear of retaliation, being judged, or being cancelled.
In addition, the team has implemented a real-time staking mechanism that utilizes the 30-day average balance of users to help further prevent spam and manipulation in voting. This means that every user will gain voting power over time, regardless of whether their tokens are locked. The more tokens and the more extended period you stake, the more voting power you accumulate on the platform.
Once a user has staked some native tokens into the platform, they’re free to participate in the latest polls on the platform and earn tokens in the vote-to-earn system.
Buying $LHINU Now Presents The Perfect Entry Opportunity.
The explosive presale for Love Hate Inu has already managed to raise a total of $2.7 million. The presale is split into eight separate stages and uses an increasing pricing mechanism upon each subsequent stage. This means that the price will continue to increase as the presale progresses, so earlier-stage investors benefit from lower prices.
The presale is currently sitting in the third stage and is selling the token for a price of 0.000095 USDT. However, once the presale crosses the $3 million milestone, the presale will enter the fourth stage, and the price for the $LHINU token will increase to $0.000105.
The team has already stated that they intend to list the token on high-profile centralized and decentralized exchanges across the industry at a price of $0.000105 USDT, meaning that everybody involved in the presale will leave with profits. However, the earlier stage investors are those that benefit the most from the increasing prices, meaning you should consider investing as soon as possible before the price surges.
Overall, with memecoins back on the map again, Love Hate Inu is well positioned to have an incredibly successful presale. The project has created a solid platform where people can come together to vote on all the issues that matter the most. It’s a space where your voice can be heard and lets you be part of a community that cares about your thoughts.
