Hemant Singh – Mumbai Uncensored, 2nd May 2022
The price of bitcoin increased when it was reported on Monday that “Dogefather” Elon Musk would be taking over Twitter. And it appears that the rise was powered by a huge number of high-value transactions.
According to CoinDesk, the number of Dogecoin transactions above $100,000 reached 2,440 on Monday, the highest level since January 14, according to statistics from market analytics firm IntoTheBlock.
Transactions in excess of $100,000 serve as a barometer of the activities of “whales,” or huge investors of the meme-inspired cryptocurrency.
Whales can be wealthy people or institutional investors such as hedge funds or banks.
When Twitter revealed that its board of directors had approved Musk’s $44 billion acquisition bid, the price of Dogecoin increased by as much as 27 percent, reaching a day high of 16.5 cents. It has already cooled off and is now worth roughly 13 cents.
Though there are several theories regarding what Musk may alter about Twitter once he takes over, Dogecoin supporters may be hopeful that Musk would integrate the cryptocurrency into the social media network.
The DeFi community on Twitter believed that Musk may eventually transform Twitter into a decentralized social media network, or one that is not controlled by a single company.
Musk’s influence on Dogecoin’s price is nothing new.
Dogecoin was invented in 2013 as a prank by engineers Billy Markus and Jackson Palmer. It is inspired by the Doge meme, which depicts a Shiba Inu dog.
Musk commenced tweeting about Doge in 2019 and has been a vocal promoter of the cryptocurrency ever since.In addition to owning it, he has mentioned working with Dogecoin developers on bettering its network. The world’s richest man has stated that the meme-inspired coin is suitable for transactions and is the “people’s crypto.”
