July 16, 2024

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Elon Musk Twitter Purchase Raises Dogecoin price

Dogecoin, the tenth-largest cryptocurrency with a market cap of $10.5 billion, outperformed any of the opposite prime 50 cash during the last 24 hours, with beneficial properties of over 15%. 

For the week, DOGECOIN gained almost 30% and was solely outperformed by Telegram’s TON token.

Behind The Rise…

Elon Musk’s takeover of Twitter nw appears to be a ‘positive factor’, because the Tesla and SpaceX CEO walked by way of the doorways of the Twitter places of work earlier at the moment. 

From what we will inform, social sentiment is driving the worth, with folks assuming Twitter will ultimately implement the usage of Dogecoin, someway.

Bad Time To Bet Against The DOGE…

Almost $9 million in Dogecoin futures positions had been liquidated over the previous 24 hours, nearly all by folks taking brief positions.

The elevated consideration going to DOGE appears to have unfold to its predominant competitor, SHIBA, which posted beneficial properties of round 7%. 

It’s Easy To Downplay the power of DOGE – however this ‘joke coin’ is exhibiting some legitimately robust fundamentals…

A big, seemingly majority of individuals holding DOGE at the moment seem like true believers within the coin’s long-term potential.

Wallets holding DOGE for greater than 1 12 months are presently at an all-time excessive of two.8 million, in accordance with IntoTheBlock. 

Also, wallets that purchase and promote inside a month are at an all-time low – solely 132,000 wallets might be thought of ‘short-term merchants’ – that is the bottom since mid 2020.

Recently, Dogecoin was the explanation for a brand new lawsuit that has been filed in opposition to Elon Musk…

We spoke with the lawyer representing these suing Elon, whereas initially reaching out to us first, he refuses to reply some very primary questions on points important to the case, examine that right here.

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Author: Ross Davis
Silicon Valley Newsroom
GCP | Breaking Crypto News

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