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After a long period of stagnation and a drop from historic highs, Dogecoin is finally starting an uptrend. The cryptocurrency starts a correction, thanks to Elon Musk.
Technoking of Tesla has asked McDonald's on Twitter to start accepting Dogecoin as a type of payment. This will help speed up the global adoption of Dogecoin and increase and accelerate its demand and growth.
Musk posted tweets asking McDonald's to turn its attention to Dogecoin and make it the official means of payment alongside the dollar.
As a result, the cryptocurrency gained 7% in 24 hours. Dogecoin is attracting more and more attention from many well-known companies, as it is a people's cryptocurrency, which is designed exclusively for transactions and spending money on services and purchases.
Looking ahead, the cryptocurrency could reach its all-time highs again, hitting the $0.7 mark and renewing it. In a tweet, Musk said he would eat McDonald's famous 'Happy Meal' on television if the burger chain starts accepting Dogecoin.
As Musk is a marketing and manipulation genius in the cryptocurrency market, this could be a good booster and catalyst for Dogecoin.
Earlier this month, Tesla accepted Dogecoin as payment for the company's official merchandise. This triggered a 16% rise in the cryptocurrency. Later, however, as Bitcoin began to fall and pulled the altcoin market with it, Dogecoin also followed that downward trend.
Many analysts believe that following this reaction from Musk and his unlimited support, Dogecoin will be worth $0.3 by the end of the first quarter of this year.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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