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Twitter is on its way to becoming a privately held company as Tesla CEO Elon Musk has reached an agreement to buy Twitter for roughly US$44 billion on Monday. As we all know, Elon Musk is famous for many things and one of those is tweeting quirky and funny stuff. But nobody can deny the fact that his tweets have a very big impact on society. Elon Musk often tweets about different cryptocurrencies, and in doing so, has seemingly impacted their prices. Although the world's richest man was fond of Bitcoin for a long time, his recent discovery about climate change and Bitcoin's contribution to the escalating situation has made him go back to his own words. On the other hand, Dogecoin is also a ball that Elon Musk keeps on the court rolling. This article features the top 10 cryptocurrencies that soar due to Musk's Twitter acquisition.
Bitcoin is the king of cryptocurrencies and there is no lie in it. We all know that Musk wants to ensure bitcoin mining uses more renewable energy before the electric-vehicle maker resumes accepting the cryptocurrency. Bitcoin is currently viewed by many investors as "digital gold," but it could also be used as a digital form of cash.
The Ethereum blockchain can be used by developers to create applications, known as decentralized applications (aka DApps). In order to access that network, developers need to buy Ethereum's associated token, ether (ETH). Similarly, if users wish to interact with a decentralized application, they must pay in ether.
Having launched in 2013, Dogecoin is one of the oldest digital cryptocurrencies. It is a peer-to-peer digital currency and recently got favored by Shiba Inu worldwide, which entrenched the coin better into the market. Elon Musk's comments on Dogecoin have also made this currency popular. It is surely one of the top cryptocurrencies that will soar after Elon Musk's Twitter acquisition.
Shiba Inu is still one of the most attractive cryptocurrencies of 2022. SHIB goes down in history as one of the fastest-growing cryptocurrencies after growing by almost 50000000% in 2021 alone. Shiba Inu developers have launched a new burning mechanism on its ShibaSwap exchange that allows holders to burn their tokens while also earning passive income.
Babydoge is a meme coin that has done so well in 2021. Launched mid-last year, the coin recorded impressive performance, with the price of the meme coin growing by huge percentages. Introduced to the market at a time when SHIB and other meme coins were doing so well, the Babydoge was swept by the hype and grew exponentially.
Safemoon is a cryptocurrency that launched in 2021 and recorded massive growth. The most exciting development recently is the V2 protocol upgrade. The full launch of the V2 is expected to boost the coin's rebound. Recently, Safemoon CEO John Karony announced Operation Phoenix, which will breathe a new life into this project.
Bitgert (BRISE) is one of the top cryptocurrencies that will soar after Musk's Twitter acquisition. It is one of the newest crypto projects in the market today, having launched in late July 2021. In the last 5 months, the team has accomplished so much in building this DeFi project. In fact, it was the fastest-growing crypto project of 2021. Investing in Bitgert might be the best decision because of this coin's huge potential.
Like Ethereum, Solana is a blockchain network that provides a medium for developers to build and host dApps. However, Solana seeks to improve on the poor scalability of current systems by using a 'Proof of Stake' consensus mechanism that is less energy-intensive and can provide faster transaction speeds.
The Binance Coin is a form of cryptocurrency that you can use to trade and pay fees on Binance, one of the largest crypto exchanges in the world. Since its launch in 2017, Binance Coin has expanded past merely facilitating trades on Binance's exchange platform. It can also be traded or exchanged for other forms of cryptocurrency, such as Ethereum or Bitcoin.
Polkadot (DOT), founded in the year 2016, is a unique blockchain interoperability protocol designed to connect different chains together. It also allows exchanging data and processing transactions for parachains, or parallel blockchains without compromising their security. Developers can create their own blockchains while using the Polkadot security.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
