Dogecoin: Can Elon Musk’s McDonald’s Offer Give DOGE A ‘Happy’ Price?

Christian Encila

Last Updated: June 11, 2024 3:06 pm

3 mins read

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Dogecoin, the original memecoin, is currently showing a solid performance, retesting its current resistance which is at $0.09370. According to Coinhecko, the token is still up in all time frames with the biggest gains being made in the monthly time frame at 27%. This bullish continuation is the result of Elon Musk’s recent mentions of the coin.

Musk tweeted back on January 25 last year about how he will eat a McDonald’s happy meal if the fastfood company accepts Dogecoin as a mode of payment. Since then, the DOGE community has been putting pressure on the company as they show support for Elon’s proposal.

If McDonald’s ever implements DOGE as a mode of payment, the coin would have access to 40,031 restaurants while simultaneously adding a big name in the already large number of merchants that accept the coin as payment method.

Is this offer still open? pic.twitter.com/lTE4wdl0jf

— DogeDesigner (@cb_doge) January 27, 2023

Elon’s Influence On Dogecoin Remains

Elon Musk’s effect on the price action is certainly evident on the coin. Following that tweet, DOGE started a rally after it slumped by 34% in under a week. Now that Musk renewed his offer to McDonald’s, it remains to be seen if the company even accepts the offer.

Obviously, the DOGE community has been very optimistic about the acceptance of the coin as a mode of payment. Matt Wallace, a huge crypto influencer, replied to Musk showing his support for McDonald’s acceptance of DOGE as a payment method:

McDonalds #Dogecoin Acceptance Coming!

— Matt Wallace (@MattWallace888) January 27, 2023

However, this bullishness does not consider McDonald’s side on whether it should accept Dogecoin, or crypto in that matter, as a mode of payment.

DOGE total market cap at $11 billion on the daily chart | Chart: TradingView.com

Optimistic Investors Should Be Cautious

Optimism is good for the market as this means investor confidence in the asset is high. However, DOGE’s market movement right now might be reminiscent of last year’s price increases when the billionaire tweets about the meme coin.

But it is no wonder that the industry is very bullish as Tesla, an electric vehicle company owned by Elon Musk, already accepts DOGE as a form of payment for Tesla merchandise.

Meanwhile, Dogecoin is trading at $0.0892 with more than enough leg room for a steady upward price movement. Investors and traders can also enjoy the coin’s high correlation with major cryptos like Bitcoin and Ethereum as these coins are bullish with BTC nearing $24,000 and Ethereum (ETH) breaking $1.6k.

Featured image by Inc. Magazine

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.