The price of Dogecoin (DOGE) has been yipping higher across cryptocurrency exchanges, nibbling at an intraday high of $0.07657 for an increase of 11% over the previous day and a 23% spike over the previous week. This unexpectedly favorable price movement underscores the fact that DOGE appears to be fully untouched by complicated legal proceedings and ambiguity surrounding the potential $44 billion acquisition of Twitter by Elon Musk earlier this year.
The top meme tokens registered the majority of the gains as the whole cryptocurrency market saw green readings. Dogecoin (DOGE) was among the top gainers.
The majority of altcoins saw significant increases in their market capitalisation in July, according to Santiment. It stated that there has been a significant increase in whale trades valued at $100K. The tracker stated that one of the tokens seeing these huge network transactions is DOGE.
🐳 With many #altcoins enjoying a solid rebound to their market caps in July, we can see the amount of $100k valued whale transactions are beginning to rise. $DOGE, $MATIC, & $UNI are noticeably seeing rises in these large transactions on their networks. https://t.co/XYEQPr6mWG pic.twitter.com/JR97zQuqXa
— Santiment (@santimentfeed) July 19, 2022
Over the course of the previous day, more than 80K Dogecoin transactions were registered, according to MyDoge wallet. The DOGE founder had already noted a significant increase in transactions that 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 transferred about 3.2 billion DOGE (worth about $218 million) to its cold storage.
Over 13% more money has been spent on Dogecoin in the last day. As of the time of publication, it is trading for an average of $0.0745. The 24-hour trading volume for DOGE, however, has increased by more than 62% to $904 million. During 22% more has been added to DOGE prices over the past 30 days. Its current market capitalization is $9.89 billion.
DOGE/USD on bullish run. Source: TradingView
In the meantime, the whale tracker reported that DOGE had ranked among the top 1000 BSC whales in terms of smart contracts used over the previous 24 hours. However, just $10.6 million worth of Dogecoin is included among the top 100 whales.
Musk Vs. Twitter Tussle Isn’t Affecting Price
This unexpectedly favorable price movement underscores the fact that DOGE appears to be fully untouched by complicated legal proceedings and ambiguity surrounding the potential $44 billion acquisition of Twitter by Elon Musk earlier this year.
The CEO of Tesla/SpaceX stated his desire to withdraw from the agreement two weeks ago. Musk countersued Twitter, which had filed a lawsuit to try and enforce the agreement. Following months of public debate between the parties, a Delaware judge yesterday decided that a five-day trial will be scheduled for October to resolve the issue.
Following the release of that information, Twitter’s stock price fell 2% this morning to $38.85 per share at the time of publication, according to Yahoo! Finance. According to the first release, the agreed upon price per share of Twitter stock under the definitive agreement to become a wholly-owned subsidiary of Elon Musk was $54.20, representing a 38 percent premium over the Twitter stock price on April 1, 2022.
Related reading | Dogecoin Shows Signs Of Vigor – DOGE Target Of $0.075 Within Range
Featured image from iStock Photo, charts from TradingView.com and Santiment