Cryptocurrency Dogecoin, one of the crypto market's most active and popular 'speculative' assets, has surged more than 100% in the past few after Elon Musk finalized his takeover bid for 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 a record high over the past 24 hours, showing $27 million versus $14 million for Ethereum and $12 million in losses for Bitcoin. The value of futures contracts in the Dogecoin market now stands at around $650 million. On-chain transactions increased from an average of 25,000 that week to 37,000 this morning.
- In the past, Musk's comments have repeatedly affected the price of Dogecoin. Among other things, the billionaire told that in the future Dogecoin will become the 'space' currency favored on a Martian human colony. Billionaire recently claimed that he has never sold Dogecoin he owns. Payments in Dogecoins were also accepted by Tesla, whose former employees created the project, attracting the attention of Elon Musk in the past;
- Today, the market is speculating about Dogecoin's possible involvement in Twitter's system, which Elon Musk wants to thoroughly revamp. The adoption of Dogecoin in 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 stock 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 investors began to 'escape' from Bitcoin, they often 'switched' to so-called altcoins, i.e. smaller cryptocurrencies lifting 'memecoin' prices higher. Altcoins gains mostly when Bitcoin price is moving sideways, after bullish growth.
Dogecoin chart, H4 interval. Dogecoin more than doubled in just a few days beating the return of Bitcoin (golden chart) and all major cryptocurrencies. The RSI stepped into resistance near 90 points forming a double top, indicating a possible price drawdown. Depending on whether Elon Musk himself will speak on Dogecoin in the near future, the cryptocurrency's quotations may return to levels below $0.10 or grow dynamically on the euphoric wave of 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 will be maintained. Source: xStation5
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