Elon Musk ultimately acquired Twitter on Friday after a legal snafu that cost him a lot more money than he planned to pay. Fortunately for the multi-billionaire, his preferred cryptocurrency–Dogecoin, had his back, increasing by about 100% over the previous week.
According to crypto fans, the Twitter acquisition is expected to increase the price of Dogecoin. However, at the time of publication, Doge is down 8% over the past 24 hours and is trading at the $0.12 resistance line. If there is a break above this level and a subsequent close, the price is likely to rise to $0.78 and then to $0.88.
Addresses Making Profits Soar
The number of addresses making a profit has considerably increased as the price of Dogecoin has surged to multi-month highs. Data from IntoTheBlock shows that Dogecoin addresses in dollars have climbed to 65% from lows of 48% in May. Since “hodlers” make up a larger portion of Dogecoin addresses overall, the recent spike appeared to be an advantage for them. Dogecoin “hodlers,” or addresses that have kept the asset for more than a year, make up 69% of all addresses according to IntoTheBlock.
liquidation is on the rise
According to Coingglass, 110.99k traders have liquidated around $261 million from the worldwide cryptocurrency market in the past day. However, Dogecoin has seen the most liquidations.
Data shows that around $61 million has been removed from Dogecoin in the previous day. However, short calls accounted for more than 54% ($33.11 million) of the entire liquidation. Therefore, the majority of traders anticipated a decline in the price of DOGE. While Okex and Binance both reported liquidating Dogecoin short calls totaling $7 million each.
whales are back in action
According to Whale Alert, over $18 million Dogecoins were transferred from various whale wallets to various cryptocurrency exchanges during the past day. However, the highest transaction on the tracker involved sending around 100 million DOGE to Binance.
