A clever man as soon as stated – “With enough money on the table, every man will rethink his position.”
According to reports, Twitter Inc. has commenced discussions with Elon Musk to rethink the billionaire’s $43 billion bid. Now, whereas that growth could have many implications for social media, what about crypto? Specifically, what about Dogecoin? Especially since Dogecoin (DOGE) is notoriously delicate to the billionaire’s actions.
With the takeover dialogue underway, how has the meme-coin fared since the information broke and what ought to be anticipated in the coming weeks?
DOGE Comrades not impressed?
When information about Elon Musk’s bid was first reported, the memecoin’s worth rallied on an uptrend. However, no vital affect was seen when the newest studies broke.
At the time of writing, DOGE was buying and selling at $0.128, even after recording a excessive of $0.1325 a number of minutes after the information broke. In truth, the aforementioned worth degree represented a steep decline of 82% from its ATH of $0.7376 on 8 May 2021.
Similarly, DOGE registered a 3.88% decline in market capitalization over 24 hours. Remarkably, nevertheless, it additionally noticed an 86% uptick in its buying and selling quantity over the similar interval.
On the 4-hour chart, the 50 EMA confirmed the trendline sitting comfortably above the worth, suggestive of a bearish run. This was confirmed by the RSI which maintained the 23.81-level nearly deep inside the oversold area. The Money Flow Index (MFI) toed an identical course – An indication of huge ongoing distribution.
Furthermore, a falling wedge indicative of a bullish overture might be seen. This wedge, much like the one seen by the memecoin in February and March, is likely to be adopted by a rally.
What will we see On-Chain?
At the time of writing, Whale Transaction Count for transactions larger than $100K stood at 24. On the different hand, the Whale Transaction Count for transactions larger than $1M was simply 1.
The variety of Active Addresses concerned in DOGE Transactions on an hourly foundation was 15.1k. This represented a 89% decline from 136k energetic addresses 24 hours in the past.
Transaction quantity additionally appeared to have dropped. With a determine of 527.9M at press time, it represented an over 70% decline from ranges of 1.84B recorded yesterday.