Dogecoin (DOGE) Value Soars Amid Reports of Twitter Accepting Elon Musk’s $43 Billion Bid.
Massive growth in Dogecoin’s value following reports that Elon Musk’s Twitter bid will be accepted later today.
Popular meme coin Dogecoin (DOGE) has recorded a sensational rally in different aspects following reports that Elon Musk, a major proponent of the cryptocurrency, is close to acquiring the microblogging platform Twitter.
Increase in Perpetual Swaps Volume
Per data published by cryptocurrency aggregator data platform IntoTheBlock today, the Dogecoin volume in perpetual swaps across major exchanges, including Binance, Bitfinex, FTX, etc., has surged tremendously over the last 24 hours.
According to the data, the perpetual swap for the popular memecoin surged by 6x to $3.13 billion earlier today after news that the Twitter board will officially announce Musk’s acquisition of the microblogging platform.
It is worth noting that the last time the cryptocurrency volume in perpetual swaps surged above $3 billion was on April 6, 2022, after $4.48 billion was recorded.
“DOGE is reacting to the possible acquisition of Twitter by @elonmusk. The volume in perpetual swaps has increased by 6x in 24hours, reaching a 3-week high of 3.13b [USD],” IntoTheBlock tweeted today.
— IntoTheBlock (@intotheblock) April 25, 2022
Perpetual swaps are a variant of futures trading, which offers traders an opportunity to enter large positions in a cryptocurrency with little money committed.
Santiment data shows that Twitter fueled the Dogecoin pump. When news of Elon taking over Twitter came Dogecoin pumped 19% in some hours, as history shows doge mostly profited from Musk tweets.
📈 Potentially related to the news of #ElonMusk's nearly formalized purchase of #Twitter today, #Dogecoin has pumped +19% over the past six hours. We have historically seen that #memecoins benefit from #Musk developments, & we'll monitor this situation. 👀 https://t.co/kw3qtVBZ2k pic.twitter.com/iGgxkW0OPv
— Santiment (@santimentfeed) April 25, 2022
More Dogecoin Holders in Profit At Current Price
Aside from a massive boom in the volume of Dogecoin perpetual swaps, the cryptocurrency’s value has also surged tremendously.
At the time of writing, Dogecoin is up above 9% from what was recorded in the last 24 hours, as the token has increased from a 24-hour low of $0.124 to $0.144.
Following the current price of Dogecoin at $0.144, IntoTheBlock data shows that a majority of Dogecoin holders are currently in profit.
Per the data, 59% of traders are holding DOGE in profit, while 35% are currently in the loss. Similarly, 6% of traders are holding the cryptocurrency at a break-even price, which implies that they are neither in profit nor loss.
Although both Musk and the Twitter board are yet to release any official comment about the former’s bid, people familiar with the matter are confident that the Twitter team will release a statement today about a possible acceptance of Musk’s $43 billion offer.