Dogecoin (DOGE) Seen Jumping This Month, Despite Twitter-Musk Deal Collapse

Christian Encila

3 years ago

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Dogecoin (DOGE) could not muster enough strength on Saturday as the collapse of Elon Musk’s Twitter acquisition crushed hopes for the mainstream acceptance of the coin.

After the disclosure, the price of the largest memecoin in the world decreased by more than 4 percent. In recent weeks, the token looks to be reacting less strongly to Musk’s social media comments, rants included.

Musk canceled his $44 billion plan to take over Twitter on Friday, alleging that the social media company is issuing “misleading” assertions about the amount of phony accounts, according to a regulatory filing.

Earlier this year, the billionaire proposed purchasing Twitter for almost $43 billion. After Musk hinted at a possible incorporation of Dogecoin into Twitter, DOGE appreciated significantly upon the initial announcement of the transaction.

Dogecoin Needs Musk Tweet To Rise

The token’s popularity is partly down to the world’s richest man’s ongoing endorsement and promotion of it on social media, which contributed significantly to the cryptocurrency’s meteoric rise.

According to a recent analysis, searches for “Dogecoin” surged in 2019 and 2020 after Musk tweeted about it. DOGE had gained roughly 30 percent by the time Twitter’s board gave the green light to the Tesla CEO’s buyout proposal. However, it has since rapidly reversed those advances.

Twitter Stock Price Drops After The News

In the after-hours market, Twitter’s stock price decreased by 6% to $34.58. This is 35% less than the $54.20 per share price Musk agreed to pay for the social media giant in April. Following the closing bell on Friday, Twitter’s stock price dropped to its lowest level since March.

As soon as the news came, Bret Taylor, the chairman of Twitter’s board of directors, threatened to file a lawsuit versus Musk to enforce the terms of the buyout agreement.

Musk’s attorneys stated in a document that Twitter failed or refused to reply to several requests for information on fraudulent or spam accounts on the platform, which is crucial to the company’s financial performance.

DOGE total market cap at $9.24 billion on the weekend chart | Source: TradingView.com

Dogecoin Still Seen Jumping This Month

Meanwhile, despite DOGE reeling from the outcome of the Twitter-Musk deal, some analysts are still very optimistic about its future.

For instance, this month, the price of DOGE could approach $0.12. Currently, the coin is selling at $0.0699, an increase of 5.5% over the past week, data from Coingecko show, Saturday.

Traders knowledgeable with the famous meme coin will agree that it is notable for sudden surges and FOMO-induced frenzy. According to technical analysis, the DOGE price will go up, although it is difficult to determine if a bottom has been reached.

Featured image from Mashable India, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.