Dogecoin Gains 7% As Musk-Twitter Acquisition Deal Resurface 

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Elon Musk‘s Twitter acquisition is back on the table. Only a day ago, the social media powerhouse confirmed that it had received Elon Musk’s $44 billion offer, with Musk intending to complete the acquisition at $54.20 per share.

Real also: Elon Musk Claims That Dogecoin’s Total Transaction Capacity Is Much Higher Than Bitcoin’s

Compared to top coins, DOGE has gained 7% in the last day while most have recovered by 1-2%. The community has hailed the aforementioned gesture as Dogecoin’s validation of Musk’s deal. The largest meme token, with a market cap of $8.5 billion at press time, was conveniently ranked #10 on the rankings chart, comfortably ahead of MATIC [$7.2 billion M.Cap].

Related article: TWITTER’s Legal Team Plans to File a Lawsuit Against Elon Musk for Abandoning Deal

Dogecoin Trends: A Look At What’s Going On

According to a recent tweet by Santiment, the whale transaction count of more than 100,000k (>100k) saw a sharp increase on October 4th. As shown in the graph below, the reading of the said metric was 85. In addition, the average exchange funding rate created a local peak, indicating that Dogecoin participants have been “ultra-long.”

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In addition, the number of social mentions and engagement on media platforms has increased dramatically in the last day. At the time of publication, there had been over 49k social mentions of Dogecoin. The engagements were much higher, at 130.1 million, highlighting the community’s enthusiasm.

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The next major price barrier for Dogecoin ranges from $0.06828 to $0.1274. Over 353.4k addresses purchased approximately 60.8 billion DOGE tokens in the aforementioned cluster. Dogecoin has enough room to rally until the price reaches the stated range. More so, because at current prices, 64% of all addresses are in the red or out of money. Only when they break even will they have a reason to sell.

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