Elon Musk Twitter deal boosts DOGE by 140%
Elon Musk’s Twitter deal has been finalised and he has taken over the company. The news seems to have had a positive influence on Dogecoin (DOGE). The meme coin has continued its bullish market run for a second consecutive day. In July 2022, it made it to our list of "altcoins to watch”.
On 10 October, 2022, Dogecoin touched its monthly high of $0.084448. Its price climbed by nearly 17%, with the trading volumes peaking by 196% in the past 24 hours.
Besides, DOGE has also made substantial weekly gains as it soared by 31%. With that, it became the highest performer among the 20 largest cryptocurrencies by market cap.
However, now its price is down by 5.3%, and it is worth $0.073775, according to Coingecko. Nevertheless, over the past two months, Dogecoin’s price hovered around $0.05 to $0.06. Musk closing the deal with Twitter has boosted its position in the market, giving some hope to the Dogecoin investors.
On the other hand, as the DOGE’s value soared, investors liquidated their futures positions. Data insights from Coinglass suggest that around $8.69 million of funds were liquidated in the last 24 hours.
Apart from that, the overall crypto market has not seen a bullish run. Most cryptocurrencies experienced a flat or negative movement. But the meme coins, DOGE and SHIB, saw a positive price action. Shiba Inu’s value has increased by 7.8%, trading at $0.00001123.
Elon Musk Twitter deal
Elon Musk’s ‘let that sink in’ move apparently triggered a positive movement for Dogecoin. He took to Twitter to announce his takeover of the company distinctively.
The CEO of SpaceX and Tesla has been a supporter of Dogecoin for a long time. Several of his tweets and statements have been seen to influence the coin’s position in the past too. As he has acquired the company, it is experiencing a bullish movement. Many now accuse Musk of market manipulation whilst others see Musks net worth billionaire status and experience as an entrepreneur for companies like Tesla as a great way to boost awareness and credibility of the cryptocurrency market.
Author: Wasay Ali
Wasay Ali is a versatile professional writer with global experience and a background in mechanical engineering and social science. He is adept at crafting news and informational content for the crypto space and has experience writing for other niches. He is a professional SEO content writer who has worked with several digital marketing agencies and clients in the US, UK, Pakistan, and Europe. He is a dedicated volunteer and enjoys reading, writing, poetry, and going to the gym. He is an INFJ-A personality type dedicated to positively impacting the world. Wasay has a passion for writing as it allows him to express his creativity, share his knowledge, and connect with people worldwide.