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62% of Dogecoin hodlers in profit amid hopes of Twitter integration

DOGE price rallied 98.5% in the last seven days following Elon Musk's acquisition of Twitter, pushing the crypto into the eighth position in global crypto rankings.

Tesla CEO and billionaire Elon Musk’s acquisition of Twitter has tipped 62% of Dogecoin (DOGE) investors into profit, amid speculation that Musk’s Twitter-buy will be positive for the meme token.

DOGE’s price rallied on Oct. 26 when billionaire entrepreneur Elon Musk changed his Twitter bio to “Chief of Twit” — the same day he visited Twitter’s San Francisco-based headquarters before officially closing the deal as the new owner on Oct. 28.

In the past seven days, DOGE’s price has surged 98.5% to $0.119 at the time of writing, according to CoinGecko.

This means that as much as 62% of DOGE holders are “Making Money at Current Price” according to data from blockchain intelligence platform IntoTheBlock — which even beats out Bitcoin (BTC) and Ethereum (ETH) hodlers at 54% and 57% respectively.

The events have also triggered DOGE’s market cap to surpass smart contract platforms Cardano and Solana into becoming the 8th largest cryptocurrency in the world with a $16.3 billion market cap, according to CoinGecko.

The link between Musk’s Twitter purchase and DOGE’s massive price surge should come as no surprise as many Dogecoin investors have high hopes for Musk — nicknamed “The Dogefather” — to integrate Dogecoin onto Twitter in some shape or form.

Dogecoin fanatic and crypto blogger Matt Wallace told his 678,400 followers on Oct. 28 that he believes a Dogecoin-integrated Twitter would showcase “what #Dogecoin is capable of.”:

While Dogecoin fan page “Doge Whisperer” speculated that a Dogecoin-based tip system could be implemented for popular tweets:

Even Cardano CEO and founder Charles Hoskinson has weighed in — stating there is now a “real possibility” of Dogecoin integrating on to Twitter:

Hoskinson then went one step further by offering to migrate Dogecoin on to Cardano as a sidechain with embedded smart contract functionality for free.

Related: How Crypto Twitter could change under Musk’s leadership

In Jan. 2022, Tesla began accepting DOGE as a payment method for merchandise purchases, with Musk also hinting at doing the same thing at SpaceX in May. 2022.

The electric vehicle company also began accepting Bitcoin-based payment for its cars in Jan. 2021, despite the CEO taking the view that Dogecoin is “better suited for transactions” in Dec. 2021.

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Dogecoin price rallies 150% in 4 days, but DOGE now most ‘overbought’ since April 2021

DOGE price could drop 60% by the end of this year as it reaches its most overbought level since April 2021.

The Dogecoin (DOGE) price rally extended further on Oct. 29 in hopes that the cryptocurrency would get a major boost from Elon Musk's Twitter acquisition.

Elon Musk boosts Dogecoin price again

Dogecoin price jumped by nearly 75% to reach $0.146 on Oct. 29, the biggest daily gain since April 2021.

DOGE/USD daily price chart. Source: TradingView

Notably, the meme-coin's massive intraday rally came as a part of a broader uptrend that started earlier this week on Oct. 25. In total, DOGE's price gained 150% during the Oct. 25-29 price rally.

The surge was also accompanied by a decent increase in its daily trading volumes. That coincided with a spike in the number of DOGE transactions exceeding $100,000, according to Santiment. Both indicators sugges a growing demand for Dogecoin tokens among rich investors, or so-called "whales."

Dogecoin whale transaction count. Source: Santiment

The jump across Dogecoin's key metrics reflect investors' excitement about Elon Musk's Twitter acquisition on Oct. 27. Earlier this year, the billionaire entrepreneur had flirted with the idea of making Dogecoin a payment method to purchase the Twitter Blue subscription.

Musk's Tesla and SpaceX already accept DOGE payments for their merchandise.

Shiba Inu, meme-coins follow DOGE

Shiba Inu (SHIB), the second-largest meme token by market capitalization, posted a copy-cat rally as well. 

On Oct. 29 alone, SHIB's price jumped by 30% to $0.00001519, its highest level since August 2022. Like Dogecoin, Shiba Inu's rally came as a part of a broader uptrend that started on Oct. 25. Since then, its price has gained 53%.

SHIB/USD daily price chart. Source: TradingView

Additionally, other meme coins have jumped massively in the said period, including Dogelon Mars (ELON), which rallied 140%. 

Meme coins performance on hourly, daily, and weekly timeframes. Source: CoinMarketCap

Dogecoin most overbought since April 2021

Dogecoin's ongoing price rally is starting to look overstretched, however, according to a classic technical indicator.

The relative strength index (RSI), a momentum indicator determining the degree of recent price changes to analyze overbought or oversold levels, has risen to 93.69 on the daily Dogecoin chart. This is the highest level since April 2021, a month before the DOGE price rallied to its record high of $0.75. 

DOGE/USD daily price chart. Source: TradingView

Therefore, the "overbought" conditions do not necessarily mean an immediate bearish reversal. But they do reflect the current euphoric buying momentum in the market, which sooner or later prompts the price to trend either sideways or correct downward.

Dogecoin's 2018-2020 bear market on a weekly chart sheds light on similar price action. Notably, DOGE crashed by almost 95% almost two years after peaking at $0.0194 in January 2018.

Related: Bitcoin price broke out this week, but has the trend changed?

The token's correction period saw it trending inside a descending channel. It broke out of the range to the upside in July 2020 but followed the upside move with a sideways consolidation trend — between its 0 Fib line of 0.0022 and 0.236 Fib line of $0.0054 — until December 2020.

DOGE/USD weekly price chart. Source: TradingView

In comparison, Dogecoin's ongoing bear market is shorter but shows a similar trend trajectory to the 2018-2020 period, as shown above. Therefore, DOGE may fluctuate inside its current 0-0.236 Fib line range (or the $0.055-$0.176 range) following its descending channel breakout.

In other words, DOGE could correct toward $0.055 by the end of this year, down about 60% from current price levels, if the fractal plays out as intended. 

Conversely, an immediate breakout above the 0.236 Fib line could have DOGE eye $0.25 as its next upside target.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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HODL! Tesla hangs onto all its remaining $218M in Bitcoin in Q3

The vehicle manufacturer's latest earnings report for the third quarter shows it's made no changes to its Bitcoin holdings since its huge sell-off in the second quarter.

Electric vehicle manufacturer Tesla has made no further changes to its remaining stash of Bitcoin (BTC) in the third quarter of 2022, despite nearly a $1 billion sell-off in the previous quarter.

The company’s Q3 report released Oct. 19 shows $218 million worth of “digital assets” remains on its balance sheet, with no reported losses in the value of its holdings. Based on current prices, it’s estimated that Tesla still holds around 9,720 BTC.

In Q2 earnings report, Tesla said it sold 75% of its Bitcoin during the quarter, adding $936 million in cash to its books and recording a $64 million profit from the sale.

Tesla CEO Elon Musk explained at the time that the sell-off was due to liquidity concerns from the COVID-19 lockdowns in China.

The sell-off during the quarter took a large chunk of the company’s $1.5 billion position in Bitcoin, which it had revealed in February 2021, which at the time, made it one of the largest corporate holders of Bitcoin.

Overall for Q3 2022, Tesla posted $3.3 billion in profits attaining revenues of $21.45 billion, which reportedly fell short of analysts’ expectations, and saw Tesla’s stock price fall by nearly 14% in after-hours trading according to Yahoo Finance.

Related: Binance, Sequoia still backing Elon Musk’s bid for Twitter

Under Musk’s leadership, the vehicle company has seen its range of merchandise available for purchase using Dogecoin (DOGE) since January. His rocket-building company SpaceX soon followed suit in May.

One of Tesla’s recent products was a limited edition whistle it posted for sale in September which could only be purchased using DOGE retailing for 1,000 DOGE, or around $60 at the time. It’s unknown exactly how many units were made available but it reportedly sold out within hours.

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Musk’s deal for Twitter looks set to go with original $44B price tag

Twitter appears ready to move forward with the deal for Elon Musk to buy Twitter, announcing in an Oct. 4 post they intend to close the transaction at $54.20 per share.

In an unexpected u-turn, Tesla CEO and billionaire Elon Musk looks set to complete his $44 billion acquisition of Twitter, alleged spam bots, fake accounts and all. 

According to the notice filed by Musk’s lawyers with the Delaware Chancery Court on Monday, which was overseeing the trial, Musk is ready to “proceed to closing of the transaction contemplated by the April 25, 2022 Merger Agreement.”

It follows several months of legal drama with the social media platform where Musk tried to back out of the deal, citing Twitter's lack of transparency around spam bots, fake accounts and the financial health of the business, and came just weeks before a rapidly approaching court date to settle the matter on Oct. 17.

Musk’s proposed deal comes on the condition that there is “an immediate stay of the action” and adjournment of the trial and pending receipt of financing. 

Twitter appears ready to accept the terms of the deal, announcing in an Oct. 4 Twitter post they intend to close the transaction at $54.20 per share.

Whether the looming court date prompted Musk’s change of heart is uncertain, however, the Telsa and SpaceX founder has already teased plans for the platform after he takes ownership.

Other than the cryptic tweet, Musk has not yet unveiled what the proposed multi-purpose X app is, but in a follow-up tweet on Oct 4, he did mention, “Twitter probably accelerates X by 3 to 5 years, but I could be wrong.”

Musk previously mulled turning to blockchain technology to combat spam bots by making Twitter users pay 0.1 Dogecoin (DOGE) to tweet or retweet, according to a transcript of phone recordings.

“You have to pay a tiny amount to register your message on the chain, which will cut out the vast majority of spam and bots. There is no throat to choke, so free speech is guaranteed,” Musk said on page 98 of the transcript.

He later concluded that blockchain-based Twitter might not be feasible at the moment.

Related: Sam Bankman-Fried reportedly intended to join the Twitter deal in March

The news that Musk could be the new owner of the social media platform has been met with a mixed response from the Twitter community.

Dogecoin creator Bill Markus, also known as Shibetoshi Nakamoto on Twitter told his 1.7 million followers that “if elon musk makes twitter better, then twitter will be better,” adding:

“If elon musk ruins twitter, then we don’t have to hear all the stupid things that people say on twitter anymore. that’s a win-win.”

Other users were not so optimistic, with one noting that he couldn't believe "anyone who values @Twitter at all would want @elonmusk to have anything to do with it. 

In the last 24 hours, the Twitter stock price has jumped 22.24% to a total of $52 a share, according to Nasdaq data.

While Dogcoin, which has in the past seen an increase based on the actions of Musk, has had an 8% increase, trading at $0.06 at time of writing according to Coingecko. 

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Billionaire Elon Musk Reveals Why He Supports Meme Asset Dogecoin Over Top Crypto Bitcoin

Billionaire Elon Musk Reveals Why He Supports Meme Asset Dogecoin Over Top Crypto Bitcoin

Billionaire Elon Musk is unveiling why he continues to advocate meme asset Dogecoin (DOGE) over the leading digital asset Bitcoin (BTC). In a new interview on Full Send Podcast, the business magnate says that even though DOGE started out as a joke, some of its features outshine what Bitcoin has to offer. “I’m mainly supporting […]

The post Billionaire Elon Musk Reveals Why He Supports Meme Asset Dogecoin Over Top Crypto Bitcoin appeared first on The Daily Hodl.

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Dogecoin misses bullish target after Elon Musk snubs Twitter — what’s next for DOGE price?

The Tesla and SpaceX CEO had flirted with the idea of adding DOGE payments to Twitter.

Dogecoin (DOGE) has missed a much-anticipated technical upside target and is down nearly 10% over the past week amid an ongoing spat between Elon Musk and Twitter.

Musk hurts DOGE price

To recap: Musk, whose companies Tesla, SpaceX, and Vegas Loop accept DOGE payments, had suggested introducing the same checkout option on Twitter this April.

Nonetheless, the Musk-Twitter deal has turned sour after the billionaire attempted to walk away from his $44 billion takeover bid. In response, the platform has sued Musk, alleging that his heart changed after suffering personal losses in the ongoing global market carnage.

Some Dogecoin traders had eyed Musk's Twitter takeover to stay bullish on DOGE/USD, considering the deal would boost the token's adoption across the platform's 330 million monthly active users.

Dogecoin misses IH&S target

Dogecoin dropped by 19.5% after Musk called off the Twitter deal on July 8. In doing so, DOGE also invalidated its prevailing "inverse head and shoulders (IH&S)" pattern that could have pushed its price per token toward $0.112, as shown below.

DOGE/USD daily price chart featuring IH&S pattern. Source: TradingView

Bias conflict ahead

Dogecoin now holds above a multi-month "mid-channel support" near $0.06 while remaining indecisive for now, as shown in the chart below.

DOGE/USD three-day price chart. Source: TradingView

DOGE's price eyes $0.09 as the next target if it rallies decisively from the mid-channel support. The upside target coincides with the descending trendline (distribution level) that has been serving as resistance since May 2021.

Related: DOGE days of summer: Shiba Inu gains 40% on Dogecoin two months after record lows

Conversely, a break below the mid-channel support could have DOGE's price test $0.04 as its downside target, down 32% from today's price. This level coincides with another descending trendline (accumulation level) that has acted as support for Dogecoin's pric since April 2021.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

TBC founder Elon Musk seemingly confirmed the news on Wednesday with a tweet responding to the news, saying: “Supporting Doge wherever possible.”

Elon Musk’s tunnel construction firm The Boring Company (TBC) has begun allowing customers to pay for rides on its Las Vegas transit system using Dogecoin.

A July 6 report from CNBC said the new payment option via Bitpaysurfaced on Friday, a day after the opening of its new Loop station at the Las Vegas Convention Center.

While the Boring Company has not officially confirmed the new payment method, founder Elon Musk seemingly did when he responded to a tweet about the news, saying: “Supporting Doge wherever possible.”

On the same day, DogeDesigner, a graphic designer for Dogecoin Foundation, shared a video with his 13,600 Twitter followers with him navigating through the Vegas Loop booking page and making a purchase of a day-pass using 37.52 DOGE via BitPay.

The new Loop station is located underneath an integrated resort called Resorts World Las Vegas, and is the fourth stop on the 1.7-mile Las Vegas Convention Center Loop. 

Using the subterranean tunnel system, commuters can catch human-driven Tesla-branded electric vehicles from one stop to another.

It’s a far cry from the original plans for the Vegas “hyperloop” which was to use magnetic propulsion to move passenger-carrying capsules at high speed through a pressurized tunnel system.

The company is still working on implementing driver-less vehicles on its Vegas transportation system in the future.

Supporting Dogecoin payments on Loop is only the latest integration for Musk’s fleet of companies.

Related: Dogecoin price could rally 20% in July with this bullish reversal pattern

Last December, Tesla CEO Musk announced that the electric vehicle company would begin accepting DOGE for certain merchandise purchases, which saw Dogecoin’s price gain 25% following the announcement.

In May 2022, Musk announced his plans to extend the payment option for his space exploration company SpaceX, though there was no significant impact on price.

Dogecoin is currently priced at $0.06851 at the time of writing, up around 1.15% over the last 24 hours.

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Elon Musk Reiterates Support for Dogecoin After Facing $258,000,000,000 Crypto Lawsuit

Elon Musk Reiterates Support for Dogecoin After Facing 8,000,000,000 Crypto Lawsuit

Tesla CEO Elon Musk is once again confirming his support for popular meme token Dogecoin (DOGE) despite getting hit with a multimillion-dollar lawsuit that alleges he promoted the dog-themed crypto asset as a pyramid scheme. The business magnate tells his 99 million Twitter subscribers that he will continue to support and purchase DOGE even as […]

The post Elon Musk Reiterates Support for Dogecoin After Facing $258,000,000,000 Crypto Lawsuit appeared first on The Daily Hodl.

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Elon Musk Hints Twitter Will Integrate Crypto Payments if His Takeover Bid Is Successful

Elon Musk Hints Twitter Will Integrate Crypto Payments if His Takeover Bid Is SuccessfulTesla CEO Elon Musk has suggested integrating crypto payments into Twitter. “My goal would be to maximize the usefulness of the service,” he told Twitter’s employees in his first all-hands meeting with them. Twitter’s First All-Hands Meeting With Elon Musk, Integrating Crypto Payments Tesla and Spacex CEO Elon Musk, who may become the new owner […]

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