DOGE Surges After Twitter Deal; Twitter Likely to Embrace More Crypto Integration Post Takeover

Chart of the Day

Asian stocks rose in the early hours of Monday, tracking Friday’s positive market close in the US and reflecting renewed optimism in corporate earnings. Mixed signals from the U.S. economy released last week will likely bolster the Federal Reserve’s decision to stay the course with the fourth consecutive 75 basis point increase in November. The dollar climbed as traders started to brace for key updates on the central bank policy and the employment situation. 

Last week, the broader crypto market closed its best week in months with major cryptocurrencies buoying above key thresholds. However, this week opened on a less cheerful note. As of the time of writing, BTC is changing hands slightly above the $20.5k level, after shedding 1.24% of its market value in the last 24 hours. A study of the average wallet size on the Bitcoin network shows a tendency of distribution to smaller wallets. Under normal market conditions, the price is generally inversely correlated to the average wallet size. However, recent patterns demonstrate a notable deviation from historical trends in ways that are not unlike that in the 2018-19 bear run.  

In a similar vein, ETH is down by 2.31% in the same period, but remains in the upper region of the $1,500 zone. Mid-to-large-cap altcoins saw mixed performances, with CHZ and SAND posting double-digit percentage gains in the last 24 hours, and last week’s top gainers — canine-inspired meme coins leading the downside correction of similar magnitude in the same period.  

Weekly Gainer

DOGE is the uncontested top gainer as its market value effectively doubled after rising 106% in the past week, outperforming its mid-to-large altcoin counterparts by a tremendous margin. Its price action has seen consecutive surges over the past few days. As of the time of writing, the pair is attempting to establish a stronger foothold above the 50-hour moving average, which may serve as a key price support for the memecoin known for its volatility. The immediate resistance sits near the $0.127 to $0.13 region. A clear breakout above this zone will likely usher in another round of momentum. Meanwhile, RSI surged to 87 in the overbought zone in the daily chart, suggesting a possibly imminent adjustment. 

The meme coin’s recent rally is fueled by the burst of publicity following Elon Musk’s $44 billion deal for Twitter and the theatrical gesture of freeing the bird by swiftly firing top executives. Anticipation of DOGE being integrated as Twitter’s currency of trade is also brewing, with Musk taking the helm. We will continue to monitor the coin as the Silicon Valley mogul fills in with more updates on the adoption front. 

Check Out the Latest Prices, Charts, and Data for DOGEUSDT !

Talk of the Town 

The decentralized social media race has just been taken to the next level after Elon Musk’s $44 billion acquisition of Twitter. The tech mogul and prolific tweeter has demonstrated repeatedly his (super)power in moving the market (or DOGE’s price at least) with less than 140 characters. That ability alone has fuelled industry supporters’ imagination of a blockchain-enhanced Twitter that would eventually broaden mainstream adoption. Twitter is no stranger to the nascent technology. The social media platform has made its own foray into crypto under the leadership of former CEO Jack Dorsey, one of the most outspoken Bitcoin bulls. The platform has introduced BTC tipping, and Bluesky — now an independent company focusing on decentralized social media — and has continued to push for NFT adoption and stablecoin payments after Dorsey’s departure. However, the takeover will likely open up more possibilities for the integration of blockchain and other features in the crypto space to transform Twitter into what Musk calls a “super app”.