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Dogecoin (DOGE) is up a whopping 176 percent since the 23rd of October when Elon Musk was preparing to close his Twitter takeover deal. Now, however, with the CEO of Tesla seemingly preoccupied with the nitty gritty of Twitter’s daily operations, the immediate prospects for rip-roaring gains in Dogecoin have diminished, and the meme coin’s bulls are now pegging their hopes on next year’s DOGE-1 mission.
As a refresher, Dogecoin clocked in sizable gains ahead of Elon Musk’s Twitter takeover amid hopes that the CEO of Tesla will compel the global town square to start accepting DOGE as a viable form of payment on the platform. Nonetheless, these hopes have so far remained unfulfilled as Musk finds himself at the very heart of managing one of the largest social media platforms on the planet.
And so far, things have not been going too smoothly for Elon Musk. For instance, Twitter laid off around half of its workforce last week. However, over the weekend, reports emerged that Twitter has been contacting some of its staff that was fired last week amid the creeping realization that those employees would be crucial to fulfilling Elon Musk’s vision of Twitter.
Kathy Griffin gets suspended for impersonating @elonmusk … then gets on her deceased mothers account to tweet.
Lol wtf. pic.twitter.com/zYVzKNjVfz
— AMC 2 Moon (@AMC_Apee) November 7, 2022
Similarly, toward the end of October, Musk announced the creation of a “widely diverse” content moderation council that would serve as the focal point for decisions regarding censorship policies and account reinstatements. However, on Sunday, Elon Musk arbitrarily announced that any Twitter handle that is found to be impersonating another account without explicitly disclosing the “parody” disclaimer would be banned. This development came as the comedian Kathy Griffin changed her screen name to that of Musk’s, only to find herself suspended. Meanwhile, the list of advertisers that are pausing their advertisements on Twitter keeps growing amid fears that Elon Musk will unleash a free-for-all Twitter jungle of sorts.
New Monthly Close & $DOGE is still moving up
That said, #DOGE is still at resistance (green)
However, if DOGE is able to reclaim green as support, a swift +42% move to the next immediate resistance would likely await
— Rekt Capital (@rektcapital) November 1, 2022
Consequently, with Elon Musk preoccupied with Twitter, Dogecoin will have to perform on its own merits for the next few months, or at least until the meme coin manages to catch the attention of the CEO of Tesla again. Here, Rekt Capital published an important tweet toward the start of November, highlighting an important resistance level that Dogecoin needs to flip in order to record further gains. The chart below provides an updated view of those levels.
Meanwhile, as can be seen in the following chart, Dogecoin has failed to flip a crucial level into support on the daily timeframe. This conversion is essential for further gains.
In the absence of any stimuli from Elon Musk, Dogecoin bulls will likely have to pin their bullish hopes on the upcoming DOGE-1 SpaceX mission, currently scheduled for the 14th of January, 2023. As a refresher, SpaceX had accepted Dogecoin as the payment for the DOGE-1 mission back in May 2021. The space mission will deploy a 40-kg satellite on behalf of Geometric Energy Corporation, which will then “obtain lunar-spatial intelligence from sensors and cameras on-board with integrated communications and computational systems.”
By 2023, hopefully Musk will have sorted out the initial kinks in the implementation of his vision of Twitter, allowing the CEO of Tesla to start pumping the meme coin again. Then again, with Musk already facing a $258 billion lawsuit for allegedly running a “pump-and-dump” scheme vis-à-vis Dogecoin, the world’s richest person might not be as forthcoming this time around.