The price of Dogecoin (DOGE) rose on cryptocurrency exchanges, nibbling an intraday high of $0.07657 for an increase of 11% from the previous day and a peak of 23% from the previous week. This surprisingly favorable price move underscores the fact that DOGE appears entirely untouched by the complicated legal proceedings and ambiguity surrounding Elon Musk’s potential $44 billion acquisition of Twitter earlier this year.
Top meme tokens saw the majority of the gains as the broader cryptocurrency market recorded green readings. Dogecoin (DOGE) was among the top gainers.
The majority of altcoins saw significant increases in their market capitalization in July, according to Santiment. He said there had been a significant increase in the whale trade valued at $100,000. The tracker said that one of the tokens seeing these huge network transactions is DOGE.
🐳 With many #altcoins taking advantage of a strong rebound in their market caps in July, we can see that the amount of trading whales valued over $100,000 is starting to increase. $DOGE, $MATIC& UNI$ are seeing a noticeable increase in these large transactions on their networks. https://t.co/XYEQPr6mWG pic.twitter.com/JR97zQuqXa
— Santiment (@santimentfeed) July 19, 2022
During the previous day, more than 80,000 Dogecoin transactions were recorded, according to the MyDoge wallet. The DOGE founder had already noted a significant increase in transactions which reached 70,000. This was said to have increased by 59.49% in the previous week.
Dogecoin Whale Alert, however, pointed out that Robinhood may have moved around 3.2 billion DOGE (worth around $218 million) into its cold storage.
Over 13% more money was spent on Dogecoin in the last day. At press time, it is trading at an average of $0.0745. The 24-hour trading volume for DOGE, however, increased by more than 62% to $904 million. In the last 30 days, 22% more has been added to DOGE prices. Its current market cap is $9.89 billion.
DOGE/USD on bullish run. Source: TradingView
In the meantime, the whale tracker reported that DOGE ranked among the top 1000 whales in the BSC in terms of smart contracts used in the past 24 hours. However, only $10.6 million worth of Dogecoin is among the top 100 whales.
Musk vs. Twitter Tussle does not affect the prize
This surprisingly favorable price move underscores the fact that DOGE appears entirely untouched by the complicated legal proceedings and ambiguity surrounding Elon Musk’s potential $44 billion acquisition of Twitter earlier this year.
The Tesla/SpaceX CEO said two weeks ago he wanted to pull out of the deal. Musk countersued Twitter, which had sued to try to enforce the deal. After months of public debate between the parties, a Delaware judge yesterday ruled that a five-day trial would be scheduled for October to resolve the issue.
Following the release of this information, Twitter’s stock price fell 2% this morning to $38.85 per share at press time, according to Yahoo! Finance. According to the first release, the agreed price per share of Twitter stock in the definitive agreement to become a wholly owned subsidiary of Elon Musk was $54.20, representing a premium of 38% over Twitter share price report as of April 1, 2022.
Related Reading | Dogecoin Shows Signs of Strength – DOGE Target $0.075 in Range
Featured image from iStock Photo, charts from TradingView.com and Santiment