Tesla CEO Elon Musk and the Twitter takeover have kept the cryptocurrency market busy this week. Musk’s move and expectations that the role of cryptocurrencies in Twitter will increase have caused certain altcoins to experience an increase. Alongside DOGE, BNB hit all-time highs against Bitcoin. Here are the details…
BNB sets new record against BTC
The data showed that BNB/BTC briefly climbed above 0.15 BTC on October 30. BNB spiked to 0.15267 BTC for a while. Binance’s in-house token, BNB, the largest crypto exchange by volume, has gained nearly 10 percent in the past 72 hours. The strong performance came after reports that Binance is preparing to assist Twitter in eliminating bots. As we reported on Kriptokoin.com, Binance contributed as much as $ 500 million to Musk’s takeover of the social media platform.
In addition, Binance CEO showed support for Elon Musk’s “bird is free now” tweets for Twitter acquisition. Meanwhile, in US dollar terms, BNB performed its best since mid-August. It hit three-month highs at $318.80 for the day. Musk was also responsible for the high performance of another popular cryptocurrency, Dogecoin, in recent days. Notably, Musk’s Twitter-related actions came to the fore. This has had an incredible impact on DOGE price action. Thus, DOGE/USD reached its highest levels since April. An increase in use cases is expected for DOGE, which has been Musk’s favorite for a long time.
There are criticisms of price movements
Meanwhile, Tree of Alpha, a popular analyst, suggests that individual traders will be “at work” with the help of both the Twitter and Binance ecosystems. He expressed his fear that Launchpads would become popular again. He expressed his concern that investors would again quickly purchase unknown tokens on BSC.
Another ATH in complete silence as the dog coin longers rejoice.
Imagine the smell when launchpads become a thing again and retail is back to turbo buying garbage on BSC.Are you actually fading the token that backs the biggest exchange & the most degenerate evm chain by far? pic.twitter.com/VkOEI0QsAn
— Tree of Alpha (@Tree_of_Alpha) October 30, 2022
Analytical account Stockmoney Lizards meanwhile noted the uncanny similarities in DOGE price action and the relative strength index (RSI) that have been repeated this year. “Dogecoin is copying itself,” the analyst summed up.
https://twitter.com/StockmoneyL/status/1586696800232169474
With Elon Musk investment, most DOGE users are in profit
Tesla CEO and billionaire Elon Musk’s acquisition of Twitter made 62 percent of Dogecoin investors profit. According to data from IntoTheBlock, this means that as many as 62% of DOGE owners are making money at the current price. According to CoinGecko, the events have caused DOGE to surpass smart contract platforms Cardano and Solana. It triggered DOGE to become the 8th largest cryptocurrency with a market cap of $16.3 billion.
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