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Elon Musk, Twitter, whales, and other keys to the movement

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Key facts:
  • DOGE rose from $0.06 to $0.12 per unit in one week.

  • In the past 7 days, DOGE has been the fourth most traded cryptocurrency.

The price of dogecoin (DOGE) has continued to rise remarkably since Elon Musk’s purchase of Twitter. The market value of the meme cryptocurrency has doubled within a week, rising from $0.06 to $0.12 at the time of writing.

Given Musk’s historical influence on the behavior of. DOGE in the market, it is evident that the attribution to the purchase of the social network as a the factor that propelled the cryptocurrency on this occasion. Added to this is an indiscretion involving both sides: the tycoon is said to have eventually would eventually incorporate DOGE as Twitter’s currency.

Although there is no confirmation of any kind on the issue, comments from investors and members of the Dogecoin enthusiast community point to them. that direction. It is even argued that cryptocurrencies can continue to increase.

The price of dogecoin has doubled in the last week, reaching a price of USDT 0.12023 on October 31, 2022.
The price of DOGE has doubled within a week. Source: CoinMarketCap.

With the recent momentum, DOGE accumulates a total capitalization of more than $16 billion. It is currently the eighth most valuable asset in the market, having occupied the 10th place in the previous ranking.

DOGE Whale Movements

On Saturday alone, the market price of DOGE rose more than 45 percent. In doing so, it continued a movement that we commented on in CryptoNews from Thursday, and which has been linked to Musk’s purchase of Twitter.

Since then, Dogecoin whales (owners of large amounts of DOGE) have been very active. Registers of @lookonchain on Twitter show the million-dollar moves of two of the world’s most DOGE portfolios. Also, about 400 million DOGEs have been deposited on the Binance exchange.which is reflected in the increased trading volume of the cryptocurrency.

A lire aussi :   Twitter may be working on a cryptocurrency wallet

In the past 7 days, dogecoin has been the fourth most active on exchangesover $46 billion traded in that period. It is surpassed only by stablecoin USDT, bitcoin (BTC) and ether (ETH).

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