In the latest crypto news surrounding the recent acquisition of social media giant Twitter just last week, the popular meme coin, Dogecoin ($DOGE), rallied to a recent high of almost $.15 on Saturday, October 29. Dogecoin made the move over the course of five days, evidencing an aggressive rally which saw the most traded “dog coin” increase its total market capitalization from $7.9 billion to almost $20 billion over that timespan.
The $DOGE price move helped the crypto coin overtake fellow altcoins ADA and Solana in the process. At the time of writing Dogecoin holds the number eight spot on the cryptocurrency assets list in total market capitalization rankings at $15.9 billion, still holding strong behind XRP and BUSD, the stablecoin developed and managed by Binance.
Price Volatility Seen In Dogecoin Movement
At the time of writing Dogecoin sits just above $.11 per coin, an increase of almost 100% over the week. While this is still up from the recent lows experienced in what many experts believe to be the effects of crypto winter, $DOGE is still more than 80% below its all-time price high of $.73 which the digital asset reached in May 2021 before beginning its extended fall.
It should also be noted that the entire digital asset market has experienced lows through 2022. Bitcoin, the largest digital currency ecosystem by market cap, is down over 70% from its high only a year ago. Since losing $.04 already from its high on Saturday, market participants will now be paying close attention to see if $DOGE will in fact continue to surge as the Tesla and SpaceX CEO overhauls the Twitter front office, staff and platform with revealed plans to render the social media network more crypto-friendly and blockchain-aligned.
Binance Alludes To Crypto Future For Twitter
In other related news to the recent Twitter acquisition, last Thursday night it was confirmed that Binance, the most traded crypto exchange in the world, had partnered with Elon Musk as an investor in the deal in which the SpaceX and Tesla CEO acquired Twitter. The news was confirmed in a tweet sent out late in the evening on Thursday night, from Binance CEO, Changpeng Zhao’s personal Twitter account. In it, Zhao revealed that Binance had wired $500 million two days prior, making the crypto giant the fourth largest of 19 total investors who invested around $7 billion total in support of the acquisition.
When reporters asked Changpeng Zhao about the details of Binance’s involvement, the crypto and blockchain industry leader and CEO did not have extensive details on how or even when the funds were wired. One thing Zhao was rather clear on, however, was expectations of blockchain and web3 integration in the future for the huge global social media platform.
Twitter Was Already Moving Towards Crypto And The Blockchain
Evidence shows that Twitter had already begun aligning its platform to be more cryptocurrency-friendly prior to the deal with Elon Musk closing. The global social media platform had reportedly enabled its users to send and receive cryptocurrencies and also verify personally owned NFTs held on the blockchain and implement them as unique, verified profile pictures on the platform.
Twitter co-founder and former CEO Jack Dorsey is the founder of BlueSky, an initiative which reports plans to launch its AT Protocol with an aim to create a decentralized social network supported by blockchain. It isn’t clear yet though, how this will fit into the new Twitter landscape under the leadership of its new owner, Elon Musk.
What’s Next For $DOGE And The Digital Asset Market?
The entire cryptocurrency market rallied last week, ahead of the upcoming Federal Reserve meeting which is expected to see yet another rate increase. Towards the end of the week, the S&P 500 and other closely watched instruments tied to the US stock market began to cool after a spike through the week, leaving some in the financial markets to wonder what the week ahead will bring, barring anticipated rate hikes.
If $DOGE, other large altcoin ecosystems, and $BTC can at least hold a significant portion of gains made recently, it could provide evidence that consistently bearish sentiment felt and experienced in crypto and other globally-impactful markets throughout 2022, could perhaps be alleviated, even mildly. That, in turn, could offer a positive sign for macroeconomic theorists who identify Q4 as the strongest quarter for BTC price movement historically.
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