Dogecoin ($DOGE) to Become the Silver to Bitcoin’s Gold with X Payments Integration, Predicts Crypto Analyst Cole Garner

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As a crypto investor with some experience in the market, I find Cole Garner’s prediction intriguing and potentially profitable. His analysis is based on Elon Musk’s acquisition of Twitter and the possibility of Dogecoin (DOGE) being integrated as a payment method on the platform, which could significantly increase its utility and adoption.

On June 5, 2024, cryptocurrency analyst Cole Garner made an intriguing forecast on social media platform X, previously known as Twitter.

When Musk reveals that Dogecoin (DOGE) will be accepted as payment in his app, the DOGE story surpasses Bitcoin (BTC) in terms of intrigue and appeal. The gathering of DOGE is more compelling than any other investment currently.— Cole Garner (@ColeGarnersTake) June 5, 2024

As an on-chain analyst and market cyclist, I, Cole Garner, am widely recognized in the cryptocurrency sphere for my expertise. My primary focus is on deciphering Bitcoin market trends and forecasting price fluctuations through employing a range of metrics and indicators. I frequently impart my perspectives on social media platforms, particularly X, where I delve into the intricacies of Bitcoin’s market dynamics in great detail. One of my most significant contributions lies in analyzing whale accumulation tendencies. In my opinion, whale behavior – characterized by large-volume investors amassing or holding Bitcoin – frequently foreshadows substantial price escalations.

Let’s examine the components of Garner’s statement and their potential impact on Dogecoin (DOGE) and the wider cryptocurrency sector.

As a crypto investor, I’ve followed Musk’s acquisition of Twitter with great interest. In early April 2022, I publicly disclosed my ownership of a 9.2% stake in Twitter, making me the largest shareholder. After some initial back-and-forth, including an invitation to join Twitter’s board and my subsequent decline, I made an official offer to buy the company on April 14 for a staggering $44 billion, or $54.20 per share. At first, this offer was met with skepticism and resistance from Twitter’s board, who implemented a “poison pill” strategy to thwart a hostile takeover.

As the long-standing negotiations reached their climax in late October 2022, I, Musk, finally completed the acquisition. The process was marked by heated public disagreements regarding spam accounts and drawn-out legal battles. Once the deal was finalized, I took decisive action, terminating the tenure of key executives such as Parag Agrawal, CEO, and Ned Segal, CFO.

Musk’s ambition for Twitter involved expanding its capabilities to encompass various functions, turning it into an “all-in-one app” named X. This concept mirrors WeChat in China, allowing users to perform numerous tasks such as financial transactions. The exploration of cryptocurrency integration, specifically Dogecoin (DOGE), is a topic generating buzz within this evolving context.

Musk has been a vocal supporter of Dogecoin for several years.

Dogecoin might be my fav cryptocurrency. It’s pretty cool.

— Elon Musk (@elonmusk) April 2, 2019

They have the best coin

— Elon Musk (@elonmusk) March 3, 2020

The cryptocurrency market experiences noticeable fluctuations in response to his tweets and public announcements.

According to CoinDesk’s report from January 2024, X announced the creation of a specific account for its upcoming payments feature, fueling rumors among cryptocurrency enthusiasts about possible digital currency integrations. The X app is slated to roll out its in-app payment functionalities by mid-2024, creating a buzz of excitement.

Currently, Elon Musk has made it possible for people to use Dogecoin as a form of payment in Tesla’s online store. He frequently talks about Dogecoin on social media as well. As a result, some believe that Dogecoin could potentially be the first cryptocurrency accepted by SpaceX, should they decide to adopt any digital currency at all.

Reaching the point where DOGE can be employed for transactions on X is considered a significant achievement. This development would considerably boost Dogecoin’s functionality, transitioning it from a humorous digital currency to a genuine medium of exchange for everyday purchases. The implementation of Dogecoin in X aligns with Musk’s goal of making X a versatile “everything app,” similar to WeChat in China, which enables users to carry out various tasks such as messaging, social networking, and financial transactions.

In the realm of digital currencies, Bitcoin (BTC) is commonly referred to as “digital gold” due to its role as a store of value and market dominance. By drawing a comparison between Dogecoin (DOGE) and “silver,” Garner implies that DOGE could emerge as the second most prominent cryptocurrency in terms of usage and popularity. This shift in perception would elevate Dogecoin from its current status as a speculative asset to a more stable and broadly recognized digital currency. If X effectively incorporates DOGE for transactions, it could pave the way for wider acceptance and adoption, ultimately strengthening its position alongside Bitcoin.

Garner’s observation reveals that investors are steadily amassing DOGE, implying their growing confidence in the cryptocurrency and belief in its future value. This accumulation pattern underscores market optimism towards Dogecoin, especially with Musk’s anticipated announcement of its integration into X​​​​ looming on the horizon.

#Dogecoin whales have bought an additional 200 million $DOGE since May 30! — Ali (@ali_charts) June 4, 2024

As I pen down these words, DOGE is currently exchanging hands at approximately $0.1629 with a 3.4% increase over the last 24 hours and a remarkable 80% surge throughout the year so far.

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2024-06-05 13:02