- Elon Musk Twitter takeover impacts the price of the crypto token Dogecoin, seeing the price of the meme token soar by some percentage.
- Dogecoin, a popular meme token backed by Tesla CEO Elon Musk, has received wide acceptance and criticism over time and has a huge following among crypto enthusiasts.
- With Doge supporters excited about the meme coin’s growth, it is expected that Dogecoin will maintain the upward trajectory of its price and draw in more investors.
As Elon Musk completes the social media giant Twitter takeover, the price of the meme cryptocurrency associated with the Tech billionaire has seen a significant positive increase.
With a market valuation of $10.5 billion, Dogecoin is the tenth-largest cryptocurrency and is just over $1 billion away from overtaking Solana (SOL).
Data from Coinglass shows that Dogecoin futures positions were closed out for around $8.69 million. Inflated short positions accounted for the majority (78.81%) of Dogecoin liquidations.
The Shiba Inu token, a close relative meme coin of the Dogecoin, has also recorded some positive growth in this time, with a trading price s up to $0.000012, signifying a 7.8% growth.
In 2013, the cryptocurrency Dogecoin was developed as an imitation of Bitcoin. Although it was only meant to be a joke at first, it soon gained popularity and now has a market valuation of over $18 billion. Since there is no cap on the supply of Dogecoin, which has over 100 billion in circulation right now, the meme token is definitely unique.
With the help of endorsements from well-known figures like Elon Musk and Mark Cuban, Dogecoin’s popularity soared. The general growth in interest in cryptocurrencies has also benefitted the coin. Dogecoin’s value will certainly increase as more individuals choose to invest in digital assets.
While cryptocurrencies like Bitcoin are deflationary since there is a cap on the total number of coins that can be issued, Dogecoin is seen as an “inflationary coin.”
The quantity of Bitcoin released into circulation due to mining rewards is halved every four years, and its inflation rate is halved along with it until all coins are issued.
However, the crypto industry has been negatively impacted by the current bear market, leading cryptocurrencies like bitcoin and Ethereum down more than 70% from their all-time highs.
Additionally, during the most recent bear market, presales of cryptocurrencies have also experienced a sharp decline.
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Elon Musk’s Twitter Effect
The Elon Musk purchase of Twitter seems to have $DOGE supporters elated, and holders are over the moon at the prospect of Twitter embracing the meme coin. The decision would be a game-changer for the crypto market and provide enormous utility for arguably the most powerful meme coin in the crypto market.
In addition to the Musk factor, on-chain analytics demonstrate that Dogecoin has experienced fast development.
According to information from IntoTheBlock, the number of addresses holding Dogecoin for more than a year has reached a new record high of 2.81 million.
Additionally, the number of short-term investors who have held Dogecoin for less than a month has decreased to around 132,000, a number not witnessed since May 2020.
Another important driving force that has impacted the price of the meme coin is the integration of Dogecoin into the Twitter payment structure. This bolsters the rumours that the Twitter blue subscription might as well be done using the meme coin.
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