Elon Musk’s Twitter is working to add payment features to the social media platform. This is why Mask Network (MASK) and meme coin Dogecoin (DOGE) have witnessed price rallies. According to analysts, one of these altcoin projects is likely to witness a major breakout in the short term.
Is there a Mask Network and Dogecoin price relationship?
Mask Network (MASK), which enables users of popular social media apps like Twitter to send crypto to dApps without leaving the platform, gained 87.6% in the 30-day period from January 7, as MASK holders predict the utility of the token for Twitter crypto payments. Because MASK is proving popular in the crypto community, and token holders believe the asset can benefit Twitter for crypto payments.
cryptocoin.comAs you follow, Elon Musk, owner of Twitter Inc. and a Dogecoin advocate, recently applied for a payment license for the social media giant. With Dogefather Musk’s Twitter plans and goal of turning his social media platform into a ‘Super App’ or everything app, payments, including crypto, are inevitable.
Both MASK and DOGE came together in response to Musk’s $44 billion acquisition of Twitter. Since Mask Network allows users to send encrypted messages and even cryptocurrencies via Twitter, the narrative is that the asset is better suited for payments on the social messaging platform. As seen in the chart below, DOGE’s price rally reflects MASK with the highs and lows overlapping.
On-chain metrics supporting the bullish narrative for altcoin
Global In/Out of the Money (GIOM), an on-chain indicator from crypto intelligence platform IntoTheBlock, considers whether investors are in profit, breakeven or loss based on their current price position. The chart below reveals the coin In/Out addresses for Dogecoin.
In the chart above, large clusters of in-the-money (in the snow) show a significant on-chain price range where a large amount of addresses previously bought DOGE. 70.25% of addresses are in ‘In the Money’. This is positive for the network. Because there is less selling pressure for holders trying to equalize their positions.
Dogecoin’s social dominance has been steadily increasing since January 2023, which was bullish in terms of altcoin price. Historically, a peak in meme coin’s dominance on social media platforms coincides with a peak in DOGE price, as seen in the chart below.
On-chain metrics point to a possible increase in Dogecoin price. This supports the bull narrative for the meme coin. On-chain metrics are also signaling a rally in the meme coin, as the altcoin price has reflected Mask Network’s MASK token in the past.
Analyzes and forecasts made by analysts on indicators are definitely not investment advice. Do your own research before investing.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.