DOGE surges as Twitter collaborates with eToro: What’s the connection?
– Dogecoin’s price increased after Twitter introduced the financial market trading on its app.
– A trader mentioned that DOGE may have hit short-term bottom as active addresses also spiked.
Dogecoin [DOGE] has gained 8.23% in the last 24 hours on account of eToro’s announcement that it was in partnership with Twitter. Despite not being a part of the deal, speculation sparked about Dogecoin’s role in Twitter’s “super app” plan. This was largely due to the series of endorsements and tweets of support for the coin from the social media’s CEO, Elon Musk.
Read Dogecoin’s [DOGE] Price Prediction 2023-2024
Does eToro’s integration push a DOGE cause?
According to CNBC, Twitter’s collaboration with the social trading and investment platform would enable social media users to trade stocks and cryptocurrency.
Although a simple search for assets on Twitter currently reveals data about their performance, eToro confirmed that the newly added feature would enable direct buying and selling on the platform’s Application Programming Interface (API).
eToro’s CEO, Yoni Assia, mentioned that the crypto firm based the partnership on the social media users’ significant interest in the markets. He said:
“As we’ve grown over the past three years immensely, we’ve seen more and more of our users interact on Twitter [and] educate themselves about the markets.”
Moreso, the CNBC report noted that the cashtag on user profiles, which only had Bitcoin [BTC] at press time, could be extended to other cryptocurrencies, DOGE included.
Some members of the Dogecoin community inferred that the move was a possible tilt toward Musk’s mission to make the cryptocurrency more mainstream. In fact, CryptoKaleo, a popular trader on Twitter, opined that the cryptocurrency reached a short-term bottom.
This was the bottom btw https://t.co/g6ZU4TINMU
— K A L E O (@CryptoKaleo) April 13, 2023
Dogecoin’s joy cometh in the…
In terms of the active addresses, Santiment revealed that the metric was up since 28 March. Active addresses show the number of unique users of a token within a stipulated period. At press time, the metric was 662,000. Hence, the increase implied that there was a considerable level of crowd relation and speculation around the meme.
As per its volume, on-chain data showed that it has increased to 1.06 billion. The volume indicates the number of coins that have been involved in transactions within a network. Therefore, the hike was a testament to a rise in traders striving to potentially profit from the DOGE price action.
Realistic or not, here’s DOGE’s market cap in BTC’s terms
Since the new year began, Elon Musk, like many times before, was involved in promoting DOGE. Just a few weeks ago, the Twitter CEO changed the platform’s logo to a Shiba Inu. This led to a 30% hike for the memecoin.
As it stands at press time, it might seem that the correlation between the coin and Musk has returned in stronger terms.