•Dogecoin has been showing a solid performance and is currently retesting its resistance of $0.09370.
•The bullish continuation is attributed to Elon Musk’s recent mentions of the coin, including a tweet offering to eat a McDonald’s happy meal if the fastfood company accepted Dogecoin as a mode of payment.
•Matt Wallace, a crypto influencer, has shown his support for McDonald’s acceptance of DOGE as a payment method.
Dogecoin has been one of the most popular cryptocurrencies, and its recent performance has been no different. The token has been trading around $0.09370, which is its current resistance. According to Coinhecko, the token is up in all time frames, with the biggest gains being made in the monthly time frame at 27%.
This bullish continuation is largely attributed to the influence of Elon Musk’s tweets. Back on January 25 last year, Musk tweeted offering to eat a McDonald’s happy meal if the fastfood company accepted Dogecoin as a mode of payment. This created a lot of buzz in the crypto community and the token started to rally and climb above its slump of 34% in under a week.
The DOGE community has been very optimistic about the acceptance of the coin as a mode of payment, and their hopes were further strengthened when Matt Wallace, a crypto influencer, showed his support for McDonald’s acceptance of DOGE as a payment method. The idea of a fastfood giant accepting a memecoin as a mode of payment certainly had a lot of people excited, and the idea has been gaining traction since then.
If McDonald’s does choose to accept Dogecoin as a mode of payment, the coin would gain access to 40,031 restaurants and add a big name in the already large number of merchants that accept the coin as payment method. This would open up a new avenue for Dogecoin and likely further propel its value and usage.