The biggest development that has been circling the cryptocurrency market is that Elon Musk is now reviving his Twitter deal for his initial asking price. That makes one share of TWTR stock worth $54.20.
It follows months of legal negotiations and Musk’s threats to cancel the contract, allegedly due to the large number of bots on the social media network.
However, investors in DOGE are happy to hear it because Musk frequently uses the platform to advertise the cryptocurrency. Dogecoin holders are pushing the cryptocurrency higher right now thanks to his pledge to buy Twitter.
spike in whale teeloss
According to on-chain data from Santiment, as of October 4, Dogecoin reported 85 whale transactions totaling at least $100,000 and was still the tenth largest cryptocurrency by market cap.
The asset’s price also increased by 9% within a day on October 4 at some point, reflecting the whales’ excitement. At the time of publication, the asset was up over 1% over the previous 24 hours and was trading at $0.064.
The increase in the Doge Whale funding rate reflects the likely direction of the coin’s price action after months of repressed interest due to the widespread volatility of the crypto market.
It is important to note that the most recent rally started after Tesla CEO Elon Musk reportedly said he might be pushing through with finishing the deal to buy Twitter.
It is noteworthy that Musk and the Dogecoin community are closely related. Musk has already stated his support for DOGE, collaborating with the core developers to ensure the existence of meme coins.
Overall, Musk’s earlier statements regarding Dogecoin have driven up the price of the cryptocurrency. However, if the transaction is successful, Dogecoin may have a bullish sentiment.
