Oct 30, 2022
VOT Research Desk
Market Insights, Considerations & Analytics
Doge surges on Musk’s Twitter acquisition, driving up cryptocurrency markets amidst trad stock declines | The Crypto Mile Weekly Preview
Doge surges on Musk’s Twitter acquisition, driving up cryptocurrency markets amid trad stock declines | Weekly Crypto Mile Update
This week, Dogecoin (DOGE-USD) outpaced all other prestigious cryptocurrencies as Elon Musk grabbed control of Twitter (TWTR).
The completion of Musk’s Twitter acquisition on Friday served as the impetus for a memecoin breakout, with dogecoin topping the field.
In just 24 hours, Dogecoin increased by approximately 8% to $0.08 (£0.069), rising by more than 30% last week.
The price of Shiba Inu (SHIB-USD) increased by 8% during the past seven days to $0.0000107.
After marching into the Twitter headquarters in San Francisco, the CEO of Tesla (TSLA) posted that his acquisition of the digital media conglomerate was “essential to the future of civilisation.
Marginalized groups holding zombie tokens that are scattered over the crypto-arena floor felt the memecoin frenzy.
Dogebonk was one token that had a sudden resurgence following an extended flatline (DOBO-USD). Memecoin’s price has increased 14% during the past week to $0.0000000077.
Despite a decline in IT stocks, bitcoin (BTC-USD), which is currently ranked first in terms of market size, made a bullish rise.
Typically, the price of bitcoin swings in tandem with equities like the S&P 500 (GSPC) and Nasdaq (IXIC).
However, bitcoin continued to soar in the last week, rising nearly 6% to $20,172.
With a weeklong gain of more than 16%, Ethereum (ETH-USD) climbed much more, reaching $1,500.
For the majority of the week, the market capitalization of all cryptocurrencies remained over the psychological $1 trillion threshold.
The week’s cryptocurrency activity follows Rishi Sunak’s appointment as the country’s new prime minister.
As chancellor of the exchequer, he championed the idea of turning Britain into a leading centre for crypto and digital assets.
Following his inauguration, the UK parliament approved a bill known as the Financial Services and Markets Bill that will classify bitcoin and other digital assets as financial instruments.
