Categories: Crypto News

Dogecoin emerges as the top gainer, amid the legal fight between Musk and Twitter

Published by
Nonhlanhla P Dube

Dogecoin (DOGE) has been yipping higher across cryptocurrency exchanges, nipping at an intraday high of R1.32, representing an 11 % increase over the previous day and a 23 % increase over the previous week. This surprise good price movement highlights the fact that DOGE appears to be completely unaffected by the intricate legal proceedings and ambiguity surrounding Elon Musk’s prospective $44 billion(R756 billion) acquisition of Twitter earlier this year.

Dogecoin Price Increases

As the cryptocurrency market as a whole showed green readings, the top meme tokens witnessed the majority of the gains. DOGE (Dogecoin) was one of the top gainers.

According to Santiment, the bulk of altcoins recorded large rises in market capitalization in July. It reported that there has been a huge surge in $100K whale deals. According to the tracker, DOGE is one of the tokens seeing these massive network transactions.
According to MyDoge wallet, over 80K Dogecoin transactions were logged on the previous day. The founder of DOGE had already observed a considerable increase in transactions, which had reached 70,000. This was stated to have risen by 59.49% in the previous week.

Dogecoin Whale Alert, on the other hand, stated that Robinhood may have transferred approximately 3.2 billion DOGE (worth approximately R3.7 billion) to its cold storage. Dogecoin has seen a 13 % increase in value in the last 24 hours. It was trading for an average price of 1.28 at the time of writing. DOGE’s 24-hour trading volume, on the other hand, has surged by more than 62 % to R15.5 billion.

DOGE prices have increased by 22 % in the last 30 days. Its market capitalization is at R170 billion. Meanwhile, the whale tracker indicated that DOGE was one of the top 1000 BSC whales in terms of smart contracts used in the preceding 24 hours. However, only R182 million in Dogecoin is in the top 100 whales.

The Musk vs. Twitter dispute isn’t affecting price

This unexpectedly favourable price movement highlights the fact that DOGE appears to be completely unaffected by the intricate legal proceedings and ambiguity surrounding Elon Musk’s prospective R756 billion acquisition of Twitter earlier this year.

Tesla/SpaceX CEO Elon Musk announced his intention to withdraw from the arrangement two weeks ago. Musk responded by suing Twitter, which had launched a lawsuit to enforce the deal. Following months of a public dispute between the parties, a Delaware court announced Monday that a five-day trial to resolve the issue will be held in October.

According to Yahoo! Finance, Twitter’s stock price decreased 2% this morning on the announcement of that information, to R668 per share at the time of publication. According to the initial statement, the agreed-upon price per share of Twitter stock under the definitive agreement to become Elon Musk’s wholly-owned subsidiary was R932, reflecting a 38% premium over the Twitter stock price on April 1, 2022.

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Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube
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