Dogecoin Price Prediction as DOGE Spikes 30% After Musk Changes Twitter Logo - Love Hate Inu Next to Pump?
Dogecoin is in the news again after Elon Musk’s latest publicity stunt prompted the coin’s price to rocket by over 30% in less than four hours.
Musk opted to change Twitter's logo to the symbol of Dogecoin, which sparked colossal attention from social media and mainstream media channels.
However, many investors are now hoping that the positive contagion effect from this event spreads to other coins and tokens – with Love Hate Inu being one project poised to benefit hugely.
Musk Seeks Lawsuit Dismissal by Leveraging Twitter’s Power
Elon Musk is constantly in the limelight for both positive and negative reasons – yet this decision to change the Twitter logo to DOGE has been viewed as an apparent attempt at humor by the eccentric billionaire.
Musk's decision to use DOGE as the Twitter logo appears to be linked to the $258bn lawsuit filed against him, SpaceX, and Tesla in June 2022. This lawsuit alleges that Musk and his companies "engaged in a crypto pyramid scheme" to promote Dogecoin.
Many crypto community members have viewed this lawsuit as frivolous, believing it's nothing more than disgruntled investors seeking attention. Nevertheless, the US legal system has yet to dismiss the case, so it seems that Musk is taking matters into his own hands.
The DOGE price soared over 30% in the hours after the DOGE logo made its way onto Twitter, hitting a high of $0.1048. This is the highest price Dogecoin has seen since December 2022 and was 67% higher than the lows of early March.
Breaking Nearby Resistance Could Spark More DOGE Upside
Musk is one of many people to come out in support of Dogecoin in recent times. Billionaire Mark Cuban has also praised Dogecoin, stating that he believes it could be used to solve the spam issues that plague Twitter.
Nevertheless, Dogecoin is still considered a ‘meme coin’ and tends to generate its upwards price movements solely from hype. This is evidenced by DOGE’s initial bull run in 2021, which was sparked by Musk (and other celebrities) discussing it in public.
Even though Dogecoin’s surge is a positive event for holders, it’s expected that many investors will now take profits – causing the price to fall sharply. This can already be seen by the long wick on the 4H price chart, which sharply retraced from the $0.1048 level.
It's likely that retail investors are selling as DOGE reaches $0.10 – considered a significant psychological barrier for the coin. As soon as the price reached this level, there was a liquidity grab at the $0.09 region, hinting that buyers and sellers are battling it out for supremacy.
If DOGE can close above the $0.10 level on the 4H timeframe, this would essentially ‘confirm’ the bull run. The next target would be the resistance region at $0.11, which held up price in late 2022.
However, if the DOGE price rejects $0.10, we could see a steady fall back to pre-surge levels. Due to this, there's no way of telling which way Dogecoin will likely head – with investors eager to decide whether to hold or sell in the coming days.
Visionary Crypto Love Hate Inu Poised to Benefit from DOGE Publicity
Dogecoin wasn't the only cryptocurrency to benefit from Musk's display of power. Popular meme coin Shiba Inu soared by nearly 10% after the DOGE logo made its way onto Twitter, highlighting the positive contagion effect of Musk's move.
However, one crypto that the investment community expects to benefit the most from this publicity is Love Hate Inu. This brand-new project combines a ‘DOGE-like’ style with several compelling use cases, setting it apart from many other meme coins that lack utility.
Love Hate Inu’s flagship feature is its Vote-to-Earn (V2E) mechanism, which offers an appealing alternative to other earnings protocols. However, unlike yield farming and crypto lending, the V2E mechanism isn’t at risk of disintegrating due to liquidity issues – as has been seen with many platforms over the past year.
This V2E setup works by allowing Love Hate Inu's users to display whether they 'Love' or 'Hate' a specific person or topic. For example, users could provide their opinions on Trump's recent indictment – with all votes recorded on the blockchain.
Love Hate Inu Presale Offers Limited-Time Investment Opportunity
As per Love Hate Inu’s whitepaper, the act of recording votes on the blockchain ensures that poll results are accurate and transparent. Moreover, all users are required to stake LHINU, Love Hate Inu’s native token, for at least 30 days before being able to participate in the platform.
LHINU will serve as the heartbeat of the Love Hate Inu ecosystem, mainly used for rewards distribution. However, as noted above, users will need to own some LHINU before being able to vote in polls and benefit from the V2E mechanism.
Excitingly, Love Hate Inu’s team has launched a presale phase to allow users to acquire LHINU tokens ahead of the platform’s release. This presale will have eight total stages, with the stated LHINU price increasing between each stage.
At the time of writing, the presale is in Stage 3 – and has raised an incredible $2.7m in less than one month. Investors can currently buy LHINU for just $0.000095, although the price will shortly increase by 10.5% to $0.000105 in Stage 4.
Those looking to learn more about the Love Hate Inu presale and participate in the community can join the official Telegram channel.
