Last Updated on November 11, 2022 by Bitfinsider
The Highs and Lows of DOGE
The majority of the thrilling changes that have happened in the volatile crypto ecosystem over the last few days have been brought on by Elon Musk’s acquisition of Twitter. In the midst of these developments, Dogecoin has been one of the best performers. Elon completed his contentious Twitter deal, which caused the price of Dogecoin to surge to unprecedented heights.
The relationship between Elon Musk and Dogecoin’s price swings must be well known to those who watch the cryptocurrency market closely, as seen by DOGE’s current price decline. However, this time, Dogecoin has also dragged Shiba Inu along with it. According to sources familiar with the matter, during the previous few days, both of the biggest meme currencies on the market have seen huge losses. While DOGE is still one of the most popular cryptocurrencies, SHIB is having trouble getting rid of the zeros from its value. However, both memecoins would drop to their prior market positions if the decline persists.
Most cryptocurrencies, notably meme coins like Dogecoin and Shiba Inu, went up after Elon bought Twitter. The price of DOGE increased by over 150%, making it clear that the cryptocurrency may soon reach US$1; meanwhile, SHIB increased its market value by almost US$2 billion. The coins have indeed benefited greatly from the rumor that Musk would adopt Dogecoin as Twitter’s official currency. However, the powerful position that Dogecoin and Shiba Inu had slowly started to tremble as soon as Elon exposed his true aspirations for Twitter. Experts estimate that each cryptocurrency lost around 15% of its value.
The Elon effect is diminishing, and it appears that long-term investors are ready to deal with this volatility.
Shiba Inu is thick in it with DOGE
According to experts, Elon’s activities have increased the enthusiasm around Dogecoin and Shiba Inu, which occasionally soars to exceedingly unsustainable heights.
In fact, after DOGE surged by 150%, analysts predicted that its price would drastically fall once the Elon effect starts to fade. Additionally, the possibility that Twitter would include the two meme coins onto its platform encouraged investors to believe that Dogecoin and Shiba Inu have a bright future. However, Investors have begun to lose interest as a result of Twitter’s concentration on layoffs and rehiring, at least for now.
Every other day, a new dispute breaks out in the cryptocurrency market, with the investors paying the price. Shiba Inu and Dogecoin’s future prices are currently impossible to predict, but these coins will probably keep declining in value unless Twitter sorts out its internal problems and announces positive developments about their adoption.
At the time of writing, SHIB is currently trading at $0.000009733 while DOGE trades at $0.08298, according to CoinMarketCap. Both coins remain the top 15 among memes tokens in terms of market capitalization.
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During the campaign period, if you are a registered user and purchased DOGE at the specified threshold in the table below, you will be eligible to receive the corresponding rewards. Furthermore, you will also be able to participate in an additional mini giveaway!
- All participants must pass KYC to be eligible for rewards.
- The total number of reward for this event is 100, one user is limited to one reward
- Rewards will be issued to your ProEX account 14 business days after the event ends
Event duration: (UTC+8) 11/11 00:00 ~ 12/01 23:59
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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.