Will Elon Musk Take Twitter?
Elon Musk revealed his intention to buy Twitter earlier this year, but then the process continued in a painful way. After submitting the offer, Musk withdrew the offer and abandoned the deal, citing that the number of bots on Twitter was much higher than the reported figure. After Musk’s move, Twitter management filed a lawsuit against Elon Musk on the grounds that the agreement would continue as a counter move. Reconsidering his decision earlier this month, Elon Musk has decided to continue Twitter’s acquisition process, reiterating his pre-litigation proposal that will take place next month.
At the beginning of this week, the developments that the purchase would be completed by Friday were reflected on the agenda. After these developments, Elon Musk visited Twitter Headquarters yesterday. This visit was greeted with enthusiasm by many, especially Dogecoin investors, and this excitement was positively reflected in the Dogecoin price.
DOGE Price Rises Up
After the release of the video showing Elon Musk’s entrance to the Twitter center yesterday, there was a rapid rise in the price of Dogecoin. The dog-themed meme coin started trading above $0.07 for the first time in ten weeks. DOGE, which recorded an increase of 15% yesterday, started the new day with an increase while closing at $ 0.072. Continuing its rise of 15.38% in the last 24 hours, DOGE rose to $ 0.080 during the day today. Still, Dogecoin is priced more than 90 percent below its all-time high of $0.73 in May 2021.
Whale Transactions Rise
According to on-chain data provider Santiment, the whales processed more than 420 DOGE transactions worth over $100,000 each. After the transactions, Dogecoin transaction volume reached $1.18 billion. In a statement on the subject, the data provider said: “Dogecoin has risen above $0.072 for the first time in 10 weeks, after Ethereum’s own exit in the last few days. Both DOGE whale transactions and trading volume have reached levels last seen in August. Markets often become polarized when dog-themed cryptocurrencies diverge.” He used his expressions.
Elon Musk is known to have adopted Dogecoin and has publicly expressed his support in the past. Dogecoin investors also priced the latest development positively, thinking that DOGE’s usage area will increase with Musk owning Twitter. In other words, we can say that Elon Musk was effective in the rise of Dogecoin.
Dogecoin Price Analysis
According to the Dogecoin chart, many analysts think the popular meme token’s rally may continue. Let’s take a look at the support and resistance levels to be followed for DOGE, which made a successful break from the falling trend line. If Dogecoin continues this beautiful upward momentum, the first resistance point it will encounter is at the 0.081 level. If the popular meme token manages to break above this level, the next resistance point it will face is at the 0.090 level. In case of a possible decline, the support points that DOGE will encounter are at $ 0.072 and $ 0.063, respectively.
SHIB Price Also Rises Up
In addition to the increase in the price of Dogecoin, the price of Shiba also increased due to an indirect effect. But there are other reasons behind the Shiba price rise. Cryptocurrency exchange Bitstamp has announced that it will be listing Shiba Inu for its customers in the US. In addition, millions of people around the world can now pay with SHIB and BONE for their purchases thanks to the Fireblocks crypto payment system. Apart from these developments, the SHIB burning also plays an important role in the increase in the price of the Shiba Inu. New partnerships, listing announcement and burns made by SHIB contributed greatly to the increase in SHIB price.
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