Dogecoin Whales Optimistic About Twitter’s Decentralization
Elon Musk’s Twitter purchase appears to have sent the crypto world into a frenzy. Dogecoin, being Musk’s favorite digital currency, seems to have been impacted the most, surging nearly 27% following reports of the buyout.
Dogecoin’s trading volume skyrocketed to $2.59 billion on Monday, pushing it to the top 10 digital currencies by trading volume.
One factor for the surge were speculations that Dogecoin might be included in Twitter’s long-term plan. Others even say that advertisers could be able to pay Doge for ads and other uses on Twitter.
“Such market behavior can act as a proxy for whales’ activity, suggesting how they may be positioning for a big price move ” according to crypto analyst Ali Martinez.
Another crypto-journalist tweeted, “I’m not expecting a sustained DOGE rally for a bit. IMO (In my opinion) the dog coin (Dogecoin) usually goes strongly when retail starts to pile in, marking close to the end of a cycle. That said, Elon Musk buying Twitter might create some interesting trade opportunities. I expect this to mainly chop and accumulate for now with some crazy Elon Musk spikes in between.”