Transactions Worth over $100K Escalate on the Dogecoin Network after Elon Musk's Acquisition of Twitter

Trending 1 month ago 25

Dogecoin (DOGE) has been successful a frenzy successful the past 24 hours pursuing the acquisition of Twitter by Elon Musk, the CEO of Tesla Inc.

DOGE transactions exceeding $100,000 deed a four-month precocious astatine 2,400. Market expert Ali Martinez explained:

“The fig of ample transactions connected the DOGE web with a worth greater than $100,000 conscionable reached a four-month precocious astatine 2,400 transactions. Such marketplace behaviour tin enactment arsenic a proxy for whales' activity, suggesting however they whitethorn beryllium positioning for a large terms move.”

Image

Source: IntoTheBlock

Sitting arsenic the tenth-largest cryptocurrency based connected marketplace capitalization, Dogecoin is enjoying a bullish momentum based connected heightened enactment connected its network.

DOGE was up by 29.69% successful the past 24 hours to deed $0.1612 during intraday trading, according to CoinMarketCap

Martinez added that Dogecoin mightiness proceed scaling the heights due to the fact that it is eyeing the $0.24 terms level. He noted:

“Dogecoin is breaking out. DOGE appears to beryllium heading to $0.24 aft breaking retired from a falling wedge signifier connected the play chart. Failing to clasp supra the $0.13 enactment level tin invalidate the bullish outlook for DOGE.”

Image

Source: TradingView

Musk’s inclination towards Dogecoin

As a beardown advocator of Dogecoin (DOGE) and different Shiba Inu-themed memecoins, Musk’s crypto power has not gone unnoticed arsenic his tweets often marque prices soar.

He had antecedently opined that Dogecoin was the people’s crypto. 

For instance, DOGE perpetual swaps accrued six-fold. Data analytic steadfast IntoTheBlock stated:

“DOGE is reacting to the imaginable acquisition of Twitter by Elon Musk. The measurement successful perpetual swaps has accrued by 6x successful 24 hours, reaching a 3 week precocious of $3.13b.”

Image

Source: TradingView

Therefore, Musk’s acquisition of Twitter for astir $44 cardinal was bully quality for Dogecoin and different memecoins similar Shiba Inu (SHIB), which was up by 7.48% successful the past 24 hours. 

Image source: Shutterstock

More