- Data shows 38 transactions worth more than $1 million reported around the current level of DOGE.
- DOGE erupted after influencers took an interest in its promotion; Elon Musk is considered as DOGE’s biggest promoter.
- Charles Hoskinson feels the Twitter acquisition might bring 200 million additional users to the crypto industry.
The world’s largest meme coin by market cap, DOGE, is currently trading at $0.0876. The whales holdings on to Dogecoin have seen an increase. On-chain analytics firm Santiment confirms 38 transactions above $1 million, which were made around its current level.
Cryptocurrency market data shows that the meme-inspired DOGE surged shortly after the whale transactions were reported.
The meme coin was created in 2013 and is said to be inspired by the Shiba Inu dog meme ‘doge,’ which was quite popular then. The cryptocurrency’s blockchain was built upon the underlying technology of Litecoin (LTC), which is also referred to as silver if BTC is considered to be gold.
Interestingly, in 2021, the interest in DOGE erupted after crypto influencers associated with WallStreetBets rallied users to get it above the $1 mark. The rally was also clearly fuelled via social media, as many investors and influencers jumped on the DOGE bandwagon.
Twitter’s owner and SpaceX and Tesla’s CEO Elon Musk is considered a major Dogecoin supporter. So much so that his influence caused someone to become a Dogecoin Millionaire.
Glauber Contessoto, from Los Angeles, invested his life savings of $188,000 into DOGE; his investment made him the poster boy for DOGE as the profits soared $1 million+. However, he didn’t take out anything and regrets that he should have cashed in while the coin was at the top. Currently, his portfolio is around $300 million; he is waiting for it to reach $500 million before deciding.
Input Output CEO Charles Hoskinson has suggested that Musk’s Twitter takeover might bring 200 million additional users into the cryptocurrency sphere, and DOGE may be used on the platform.
The owner of the world’s largest crypto exchange had also invested $500 million into Musk’s Twitter buyout, the reason being,
“To help bring Twitter into Web3, when they’re ready.”
The said investment in Twitter was a well-thought-off step from the owner of the biggest exchange. Also, there were many reasons to back the deal that could potentially revolutionize crypto space shortly.
“Twitter is a free speech platform, which is global, which is extremely important.”
The exchange had recently launched a ‘Bluebird Index,’ a cryptocurrency index, which is used to track the performance of their in-house native token BNB; the list includes DOGE and a little-known currency called Mask Network (MARK).
The name bluebird is now believed to be inspired by the Twitter logo; although the index tracks BNB, Musk-supported DOGE is also part of the list. Along with a protocol that allows users to send encrypted messages on Twitter and Facebook, the protocol might act as a bridge between the decentralized network running atop and the internet.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.