The biggest development that has been circling the cryptocurrency market is that Elon Musk is now reviving his Twitter deal for his initial asking price. That makes one share of TWTR stock worth $54.20.
This follows months of legal negotiations and Musk’s threats to cancel the agreement because of an allegedly large number of bots on the social media network.
However, investors in DOGE are happy to hear it because Musk frequently uses the platform to advertise the cryptocurrency. Dogecoin holders are pushing the cryptocurrency higher right now thanks to his pledge to buy Twitter.
Spike in Whale Transactions
According to on-chain data by Santiment, as of October 4, Dogecoin reported 85 whale transactions totaling at least $100,000 and was still the tenth largest cryptocurrency by market cap.
The asset’s price also increased by 9% within a day on October 4 at some point, reflecting the whales’ excitement. At the time of publication, the asset was up over 1% over the previous 24 hours and was trading at $0.064.
The Doge whale funding rate increase shows the potential direction of the coin’s price action after months of repressed interest brought on by the wider volatility of the crypto market.
It is important to note that the most recent rally started after Tesla CEO Elon Musk reportedly said he might be pushing through with finishing the deal to buy Twitter.
It’s noteworthy that Musk and the Dogecoin community are connected. Musk has already stated his support for DOGE while collaborating with core devs to ensure the survival of the meme coins.
Overall, Musk’s earlier statements regarding Dogecoin have driven up the price of the cryptocurrency. However, if the transaction is successful, Dogecoin may have a bullish sentiment.