Is “Dogecoin to $1” over after failed Musk-Twitter deal?

Sahana Kiran
Source – Unsplash

Dogecoin [DOGE] entered the market and emerged as a game changer. Tesla’s CEO Elon Musk did not let go of any opportunity to endorse DOGE. He further elevated his interest in the meme crypto asset by extending support for it on Tesla, SpaceX, and more recently, Loop. Therefore, it was a given that Musk’s Twitter would have a strong presence of DOGE. However, things did not pan out as expected.

Musk shook the internet by announcing his interest in purchasing social media giant Twitter. Following this, Dogecoin began witnessing abrupt spikes in its price. Several even speculated that this could be DOGE’s ticket to $1.

Dogecoin to $1 has been a dream for many supporters. Elon Musk’s potential integration of the cryptocurrency on Twitter was expected to drive the price of the asset. This whole deal started around April however, months after building up expectations, the deal fell apart on the 8th of July. In addition to this, Musk was sued by Twitter for violating the $44 billion dollar agreement.

Dogecoin, in the meantime, has been dealing with the bear market along with the fallout of this deal. After proving to be one of the most sought-after investments during the bear market, DOGE plummeted. Over the last seven days, DOGE dropped by over 12 percent. This brought the asset down to a low of $0.0583.


Dogecoin thrives among BSC whales

Despite its recent downfall, Dogecoin seems to be getting traction amidst Binance Smart Chain [BSC] whales. WhaleStats revealed that Dogecoin was the most used in smart contracts among the top 100 BSC whales.

Additionally, at press time, Dogecoin was down by 3.06 percent over the last 24 hours. The altcoin was trading for $0.05986.