As the news of Elon Musk completing the twitter take over surfaced people started hearing more news about Twitter entering a new phase that would be related to NFTs and crypto. Based on that people started to invest heavily in Dogecoin thinking that Elon Musk will make Dogecoin the main coin for trading over twitter.
That lead to an increase in the price and at the time of writing this article dogecoin is trading around $0.1349 which is about 58% increased in the last 24 hours or so. Even though this price could keep on going up but you have understand and remember what happened the last time when Dogecoin when up like that to about 70 cents. It came down crashing!
Right now a lot of social media influences are showing their trades and telling people to invest in it well I would say that could well be a trap. People will start investing in the coin thinking its going to go up and then there is going to be a rug pull.
I would just say do you due diligence and invest only the amount that you can afford to lose. In fact I would say don’t invest right now and wait for the price to come back down. Because I think that the price will come down crashing hard and then it might just jump back up for a bit.
So wait for the right time.