- Mark Zuckerberg’s Thread is said to have copied Twitter’s features and is speculated to make Dogecoin a native currency.
- In response, Dogecoin has recorded a current bullish market sentiment with 24-hour positive growth but is still struggling to turn its weekly fall around.
Twitter was most likely to integrate Dogecoin (DOGE) as a native currency or payment option after Elon Musk dropped several teasers and hints in his posts. Later, it was reported that Musk had instructed the developers to make its payment features flexible enough to support cryptos in the future.
Interestingly, the rumors of Twitter integrating Dogecoin are shifting following the recent launch of Instragam’s Thread app by Market Zuckerberg. The thread was soon announced to have reached 10 million users in a single week.
Others have already accused Zuckerberg of copying Twitter. One Twitter user claims that the Thread app was built using this keyboard shortcut: Ctrl+C+V. Elon Musk saw this tweet and reacted with a laughing emoji. Another user posted:
Cloning a competitor’s app and making it less intuitive is a risky strategy. It could backfire and alienate users, who may prefer the original app’s user experience. However, if done correctly, it could be a successful way to compete with a larger.
Interestingly, it is also speculated that Thread may likely integrate Dogecoin as a payment option on the platform as originally planned by Twitter. This rumor has built a bullish market sentiment around the meme coin but has taken a weekly four percent step back on the price curve to trade at $0.065462 as of press time.
Dogecoin Price Analysis
Analysts have observed that the asset was moving higher in a lower timeframe chart in June. This sent the asset trading above $0.07 before taking a pullback. However, it is expected that a price correction could send Dogecoin to as low as $0.053 and $0.048 based on the price chart. In analyzing a 1-day chart, it was seen that the asset was pointing downward. Following this, the price fell to $0.53 before surging to $0.728 by 1 July. Over three weeks, the asset had risen by 37.36 percent. In analyzing a 4-hour and 1-hour, the price was said to have been bullish from July 1 until July 5 when buyers failed to break into the $0.072 support level. Most investors lost hope, and could not sustain the $0.0655 support level too.
It is also observed that the retracement level of the asset is currently below 61.8 percent. The price is expected to go down the price curve even more considering how the RSI has gone below the neutral 50. This indicates a shift in momentum.
Another observation is that the Open Interest chart from mid-June onward surged. At that point, the asset had risen above $0.061. Investors observed this and purchased Doge in its short-term rally. Dogecoin currently has a safety score of 74/100 and is ranked the eighth largest crypto by market cap.
So far, no substantial evidence supports the claim that Thread would certainly integrate Dogecoin as a native currency, but when it does, the asset could surely hit $0.15 in the long term.
