TLDR

• Dogecoin price increased around 3% to trade near $0.20 after recent market recovery
• Elon Musk agreed with a comment that Dogecoin is energy-based, sparking trader interest
• Thumzup Media announced it will explore adding Dogecoin as a payment option for its rewards app users
• Analyst Ali Martinez says DOGE needs to hold $0.16 support to potentially reach $0.48
• Thumzup holds approximately 7.5 million DOGE in its treasury as of September 30

Dogecoin price rose approximately 3% on Wednesday, trading around $0.20. The increase came as the broader crypto market recovered nearly 2% to reach $3.81 trillion in total market capitalization.

The meme coin touched a 24-hour high of $0.208 after climbing from a one-day low of $0.1956. Trading volume for DOGE fell 37% to $3.19 billion during the same period.

The price movement follows recent comments from Tesla CEO Elon Musk on social media platform X. Musk responded to a post about Bitcoin’s energy-based model being resistant to government manipulation.

When Dogecoin community account “Sir Doge of the Coin” noted that Dogecoin also operates on an energy-based system, Musk agreed with the statement. This interaction sparked renewed interest among crypto traders.

Musk has supported Dogecoin since 2019 and frequently posts about the cryptocurrency on social media. He refers to himself as the “DOGE FATHER” and has called the coin “the people’s crypto” in previous statements.

In 2021, Dogecoin’s price jumped after Musk appeared on Saturday Night Live and discussed the cryptocurrency. His comments and posts have historically influenced DOGE price movements.

Corporate Integration Plans

Digital advertising technology company Thumzup Media announced on Wednesday it will explore integrating Dogecoin as a payment option. The company wants to use DOGE to pay users who share content about advertiser products through its app.

Thumzup CEO Robert Steele said the integration could reduce transaction costs and enable faster cross-border payments. The company currently pays users in cash rewards.

Thumzup holds about 7.5 million DOGE in its treasury as of September 30. The company also holds approximately 19 BTC and recently provided a $2.5 million loan to DogeHash to expand Dogecoin mining operations.

The company launched its crypto treasury in January with a $1 million Bitcoin investment. Thumzup’s board authorized expansion into other cryptocurrencies including Litecoin, Solana, Ripple, Ether, and USD Coin.

Price Analysis

Despite the daily gain, Dogecoin remains down over 20% in the weekly chart and approximately 24% over the past 30 days. These losses reflect a broader market selloff that occurred recently.

Dogecoin Futures Open Interest data from CoinGlass showed an increase of 1.5% to around $2 billion. The Relative Strength Index stood at 43, placing the cryptocurrency near oversold territory.

Analyst Ali Martinez stated that DOGE price must maintain support at $0.16 to continue upward movement. If this level holds, Martinez predicts the price could reach $0.48.

Analyst Trader Tardigrade offered a more optimistic forecast, suggesting Dogecoin could rally to $0.9. However, he noted the cryptocurrency must hold the $0.20 support level.

Thumzup Media’s stock price fell 5.3% to $5 per share following the Dogecoin integration announcement. Dogecoin traded at $0.20 at the time of the company’s press release.

The post Dogecoin (DOGE) Price: Climbs Following Elon Musk Comment and Thumzup Integration News appeared first on CoinCentral.