Dogecoin’s Volatility Rose As Result Of The Twitter Drama

The millionaire CEO of Tesla, Elon Musk, is known for favoring the cryptocurrency Dogecoin (DOGE). The market intelligence platform Santiment claims that DOGE’s volatility has grown with the most recent acquisition of Twitter.

On Nov. 1, when the well-known memecoin reached a peak of about $0.15, Santiment noted Musk’s “long-forgotten” effect on Dogecoin. The market intelligence platform thinks the billionaire’s tweet, which featured a Shiba Inu dog dressed in “clothes” bearing the Twitter logo, is what caused the recent abrupt price movement.

Dogecoin being incorporated into the microblogging system

Many people think that Musk is making a reference to Dogecoin being incorporated into the microblogging system.

The most recent rumors have emerged immediately following the billionaire’s announcement that Twitter will permit content creators to monetise their work while “Twitter Blue” usage may incur a $8 monthly subscription.

Musk also thinks that the monthly price will “kill the bots” in response to Michael Saylor of Microstrategy. Data from CoinCu shows that DOGE is currently trading at $0.143, up 13% over the previous day. Market capitalization of the memecoin rose to a staggering $19 billion with a $7.8 billion 24-hour trading volume.

According to CMC, Dogecoin has overtaken Cardano (ADA) and Solana (SOL) to become the eighth-largest cryptocurrency by market valuation. This happened in less than a week.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

CoinCu News