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Ever since Elon Musk announced his plans to purchase Twitter, the whole world anticipated the deal to be complete in a matter of weeks. Fast forward to the present moment, and the agreement has only been achieved recently after Elon Musk tried to pull out of it (twice).
While the democratic camp fears that Musk will use Twitter's platform to pursue his personal agenda, and republicans are excited that Donald Trump will be reinstated, the crypto flock cautiously awaits what will happen next.
If you have been following the crypto world with half an eye open, most likely, you are aware that Twitter is a go-to platform for crypto enthusiasts to share their latest opinions.
In light of this, Musk's purchase could mark a significant milestone for the industry; however, it is all based on execution. Join me in today's editorial, where we will see how the camp of dogs (Dogecoin) embraced the news and what the future holds for the Big Eyes Coin. Let's dig in.
Despite being the kid on the crypto block, Big Eyes Coin shows many potentials that stretch far beyond the meme coin domain. For starters, it has received extensive support from the crypto community even before the project's final launch.
Needless to say that at the time of writing, Big Eyes Coin has amassed more than $8.5 million during its presale, which is an impressive result for any crypto project, and meme token in particular.
However, this project's clever financial model for its users is the undisputed cherry on top, enabling holders of the platform's native token BIG to earn passive income.
To achieve this, Big Eyes Coin introduced an NFT tax, where with each subsequent sale, 4% always goes to the original seller, while 5% is distributed equally between the holders of the BIG token.
And with Elon Musk, who many times expressed support for the idea of meme coins, securing the deal, the future of this exciting project looks bright.
If you feel like this project resonated with you, then feel free to claim bonus tokens with this promo code BEYES971 when purchasing BIG.
According to Coinmarketcap, Dogecoin (DOGE) continued its bullish price upward trajectory for the second day, with the leading meme coin soaring to a new monthly high of $0.08022, at the time of writing.
Amid these developments, trading volumes spiked by 196% over the same period, which could signify a continued bullish run since we still reside in Uptober times. On top of that, the DOGE gained more than 31% in the past week, which is the biggest gain among the top 20 cryptocurrencies by market capitalization.
The primary reason for everyone's favourite meme coin travelling north is most likely connected to the announcement of Elon Musk about his Twitter acquisition, which finally came to fruition. Tesla's CEO has been a big-time backer of Dogecoin for years now and even revealed that the company holds a vast amount of DOGE in its reserves, which inevitably increased investors' enthusiasm.
Besides the Elon Musk contributing factor, on-chain metrics also indicate strong positive growth for DOGE. According to data from IntoTheBlock, addresses HODLing DOGE for more than one year have reached a new ATM of 2.81 million! All things considered, DOGE to the moon does not sound too farfetched.
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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.
