10/26/2022 | Coin Journal
FOMO or not, why it feels like Halloween buying Dogecoin now
The same old story that never wants to leave the room is back. Twitter could accept Dogecoin (DOGE/USD) as a payment method. The speculation grew after reports that Dogecoin father Elon Musk was expected to complete a Twitter takeover this week.
We know Musk’s acquisition of Twitter has been the centre of attention for months now. However, the reality of potential acquisition has been growing for the past weeks. That was after Musk’s change of stance of abandoning the Twitter deal over unconfirmed fake accounts. Fresh details are emerging that Musk has informed his financial backers of an intention to complete the acquisition on October 28.
The Dogecoin community is excited by the news. The meme token saw increased retail trader mentions on popular social trading platforms such as Stocktwits. The cryptocurrency didn’t disappoint, too, jumping by over 10% in the day. It makes sense, though, as Musk has hinted at accepting the meme token as payment for Twitter in the past.
Up to this point, it remains a speculation DOGE payment on Twitter will materialise. It could happen anyway! But how does it feel to be a DOGE investor now? Too far yet too close?
DOGE trades at merely $0.066, compared to its $0.7 all-time high. Anyone who decided to hold the token to $1 must be in crutches now (no pun intended, though). What if Musk completes the deal and Twitter accepts the cryptocurrency for payment? The journey to $1 could be unstoppable. So, should you buy DOGE or not?
DOGE pumps on growing speculations
Technically, DOGE aims for $0.07 after Twitter inspired acquisition rally. The MACD indicator is shifting to the bull territory, with growing momentum. The moving averages offer support for the cryptocurrency.
Should you buy DOGE?
DOGE price is driven by momentum around Musk’s acquisition of Twitter. Should the move happen and the token be accepted as a payment method, DOGE could return lucratively. Just like Halloween, you may need to get ready before the party begins. On the flip side, a bear market remains, and DOGE could be contained at $0.07.
Where to buy DOGE
As DOGE is such a new asset, it's yet to be listed on major exchanges. You can still purchase DOGE using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy DOGE right now, follow these steps:
1. Buy BNB on a regulated exchange or broker, like Binance ›
We suggest Binance because it's one of the world's leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It's also beginner-friendly, and has more payment methods available to users than any other available service.
2. Send your BNB to a compatible wallet like Trust Wallet or MetaMask
You'll need to create your wallet, grab your address, and send your coins there.
3. Connect your wallet to the 1Inch DEX
Head to 1Inch, and 'connect' your wallet to it.
4. You can now swap your BNB for DOGE
Now that you're connected, you'll be able to swap for 100s of coins including DOGE.