Dogecoin rally against Elon Musk’s acquisition of Twitter 📈

One of the most volatile and popular “speculative” assets in the cryptocurrency market, the Dogecoin cryptocurrency has surged more than 100% in the past 3 days after Elon Musk finalized his takeover bid on Twitter:

  • In the face of Friday’s Twitter takeover, nearly $89 million in bearish positions on Dogecoin price declines were liquidated on cryptocurrency exchanges. Liquidations in the Dogecoin market were still at an all-time high over the past 24 hours, posting $27 million versus $14 million for Ethereum and $12 million in losses for Bitcoin. The value of futures on the Dogecoin market now stands at around $650 million. On-chain transactions have gone from an average of 25,000 this week to 37,000 this morning.
  • In the past, Musk’s comments have repeatedly affected the price of Dogecoin. Among other things, the billionaire indicated that in the future, Dogecoin will become the preferred “space” currency on a Martian human colony. Milliardet recently claimed that he never sold the Dogecoin he owns. Dogecoin payments have also been accepted by Tesla, whose former employees created the project, attracting the attention of Elon Musk in the past.
  • Today, the market is speculating on the possible involvement of Dogecoin in the system of Twitter, which Elon Musk wants to revamp in depth. The adoption of Dogecoin on Twitter by Musk’s decision could help the adoption and liquidity of one of the most popular cryptocurrencies.
  • Elon Musk has already begun the first wave of Twitter employee layoffs, starting with the firing of the company’s CEO and CFO. The action is no longer listed on the New York Stock Exchange, but the billionaire has announced a possible return after a few years.
  • In the past, when the air started to ‘leak’ out of Bitcoin, investors would often ‘switch’ to so-called altcoins, i.e. smaller cryptocurrencies boosting the prices of ‘memecoins’. “.

Dogecoin Chart, interval H4. Dogecoin more than doubled in a matter of days, beating the comeback of Bitcoin (gold chart) and all major cryptocurrencies. The RSI encountered resistance near 90 points forming a double top, indicating a possible deepening of the correction. If Musk addresses the Dogecoin “move” in the near future, the cryptocurrency’s quotes could either rebound to levels above $0.10 or grow dynamically on the wave of euphoria sparked by the billionaire’s comments. The current relative strength index is around 63 points and has a chance to return to higher levels if the bullish momentum holds. Source: xStation5

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