Will Dogecoin Hit $1 After Elon Musk Launches X.AI? Rival Meme Coin Love Hate Inu Backed to 10x
Elon Musk announced this weekend that he plans to build a new AI company, called X.AI, to rival OpenAI and its ChatGPT language model. Musk fans everywhere were excited about the news, but none more so than Dogecoin investors.
The original doge-themed cryptocurrency jumped more than 5% on the news of X.AI. While there’s no explicit link between Musk’s new venture and Dogecoin, some analysts believe this could be exactly the catalyst $DOGE needs to make a major move higher.
However, Dogecoin isn’t the only meme coin investors are watching right now. Rival meme coin Love Hate Inu ($LHINU) has raised more than $4.5 million through its crypto presale and is rapidly approaching an initial exchange offering that could send it to the moon.
Musk Remains Dogecoin’s Biggest Catalyst
The announcement of X.AI and the corresponding jump in Dogecoin is just the latest in a string of examples of Elon Musk impacting the price of $DOGE.
Only a few weeks ago, Musk temporarily changed Twitter’s famous blue bird logo to the Dogecoin logo without warning or explanation. Almost instantly, the price of Dogecoin exploded upwards by more than 32%.
Dogecoin experienced a similar price jump in October 2022, after Musk’s deal to purchase Twitter closed. $DOGE rose more than 125% amid speculation that Twitter would accept Dogecoin for payment for its premium Twitter Blue subscription.
In both cases, the excitement was short-lived. However, $DOGE ended up at a higher price than where it began, so Musk’s actions had a significant effect on the price of the token even after the surge in trading volume subsided.
If this pattern holds, the X.AI announcement could result in $DOGE not only breaking through the important $0.10 price level, but holding above it. Dogecoin briefly hit $0.10 in early April - coinciding with Musk replacing Twitter’s logo - but was unable to establish new support.
Technical Picture Improving for $DOGE
For the past several months, technical analysis on $DOGE has indicated that the token would continue to move sideways. However, that’s begun to change after two major Musk-related catalysts in the span of a few weeks.
Since the beginning of April, $DOGE has gained 20.7%. Analysis of exponential moving averages shows that if the current momentum continues for a few more days, the 50-day moving average will cross above the 200-day moving average. This is known as a golden cross and would be a very bullish technical signal for Dogecoin.
At the same time, Moving Average Convergence Divergence (MACD) is positive and gaining. This widely-used momentum indicator signals that Dogecoin could continue to gain ground and push upwards towards the key $0.10 price level.
Above $0.10, there are no significant areas of resistance for $DOGE until $0.35. That represents a potential gain of 275% from the token’s current price.
If Dogecoin could break through the $0.35 price level, there is little on the chart to stop it from retesting its all-time high near $0.74 and moving upwards to $1 from there.
Few analysts are willing to make a call at this early stage about whether Dogecoin could break $1. However, David Moadel, Chief Analyst and Opportunity Researcher for Portfolio Wealth Global, has said $1 is realistic, even if $DOGE may yet take some years to get there.
Rival Meme Coin Love Hate Inu Gains Momentum
Dogecoin has been able to weather competition from other meme coins, including Shiba Inu—the so-called “Doge Killer.” However, the latest meme coin to launch might pose the stiffest challenge yet to Dogecoin.
Love Hate Inu ($LHINU) is a doge-themed meme coin that also packs utility. It’s introducing a revolutionary vote-to-earn platform in which users earn $LHINU tokens for voting in online surveys.
The surveys are designed for virality and ask users for their opinion on some of the world’s most noteworthy celebrities—Elon Musk among them. In order to vote, users must stake $LHINU tokens. This prevents spammers and bots from impacting poll results, while the token rewards keep Love Hate Inu users engaged.
Love Hate Inu plans to use its unique online survey platform to develop partnerships with major brands and metaverse ecosystems. It has the potential to take a significant bite out of the $3.2 billion online survey industry while also introducing new doge-themed memes to the crypto world.
Love Hate Inu Presale Offers 26% Gain for Investors
$LHINU is available for only $0.000115 during the current stage of the Love Hate Inu presale. The project is planning to hold an initial exchange offering at $0.000145, so investors who join today could earn a 26% paper gain by the time $LHINU lists.
There’s no vesting period for $LHINU purchased during the presale, so investors will have an opportunity to sell their tokens during the initial exchange offering. Alternatively, investors can hold onto their $LHINU—a potentially more rewarding route since this will enable them to participate in Love Hate Inu polls and receive vote-to-earn rewards.
Either way, investors can’t wait around if they want to lock in the current price for $LHINU tokens. Love Hate Inu has already raised more than $4.5 million and the presale is selling out quickly.
There are just over 5 days remaining in the current stage of the presale, after which the $LHINU price will increase by 8.7%.
