‍About: Investoom Weekly is the newsletter by the market intelligence company Investoom that provides AI-powered investment insights through social sentiment data, onchain data and financial data. Investoom democratizes the access to hedge fund insights.

Overview of the topics

• Crypto Highlights: Over the last 30 days, the finalization of Musk’s deal to acquire Twitter made Dogecoin increase by 111%.
• Financial Data: DOGE became the 8th largest asset in the industry, with a market cap of $16.9 billion, $3.5 billion ahead of ADA.
• Social Data: During the past 7 days, Dogecoin has become one of the most discussed topics on Twitter.
• Onchain Data: As markets surge, the largest crypto whales are moving over $130 million worth of DOGE.
• Deep Dive: The Dogecoin price predictions forecasts the coin’s price to reach $0.135462 by December 2023.

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Crypto Highlights

Dogecoin surges on Elon Musk's deal

In the past month, Dogecoin has been an all-around winner among the biggest cryptocurrencies in the industry. From October 1, the finalization of Musk’s deal to acquire social media Twitter for $44 billion doubled its price and brought it among the most discussed digital coins.

On November 3, Dogecoin hit $0.126753, a level that wasn’t seen since May 1. Indeed, the coin created as a joke by the software engineers Markus and Palmer saw a 111% increase in value over the last 30 days. But why did it happen? The past tweets of Musk suggest that DOGE could become a payment method for in-app purchases.

Indeed, the new owner of Twitter announced he will introduce a monthly subscription that allows users to have a blue-tick certification. We already know it will cost $8, but not if the social media will accept Dogecoin as a payment method.

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Financial Data

DOGE overtakes ADA by market cap

The latest DOGE rally made the crypto overtake ADA, the native coin of the Cardano platform, named after the 19th-century mathematician Ada Lovelace, referred to as “the world’s first computer programmer”. As a consequence, Dogecoin became the eighth largest asset in the industry, with a market cap of $16.9 billion, $3.5 billion ahead of ADA.

Observing the cryptocurrencies with the highest market capitalization, Bitcoin, Ethereum and Tether place themselves on the podium. However, if we observe the value they have accumulated over the last 30 days, ETH increased its performance by only 14.81%, way less than the 111% of DOGE. However, among the top gainers of October, we can also consider Polygon (MATIC), which grew more than 13%.

In the same period, the other popular meme coin, Shiba Inu (SHIB), rose by nearly 12%. The performance doesn’t completely reflect the current hype on DOGE, although on October 29 it reached a peak of $0.00001415.

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Social Data

Behind the scenes…

Dogecoin was launched in December 2013 by the already-cited software engineers Billy Markus and Jackson Palmer, who decided to create the digital coin from an online meme. Not surprisingly, they chose as the logo of the crypto the image of the Shiba Inu dog, a race that started to acquire popularity in 2013.

Although it started as a joke to make fun of the speculations of the crypto industry, it became one of the most famous open-source and peer-to-peer digital currencies. Even if the DOGE price remained flat from December 2013 to December 2020, with a downturn during the 2018 crypto crash. The year that signed a turning point was 2021 when the tweets published by the business magnate Elon Musk made the DOGE value rise by 3,517% to $0.17.

Although on May 8, with a price of $0.682, Dogecoin reached its highest price ever, during 2022 it began to show a strong downtrend. Its behavior was mainly due to the current macroeconomic picture and the consequent reaction of the crypto market.

Nowadays DOGE is one of the most discussed topics on Twitter. During the past 7 days, the users of the social media have cited the coin 350 times per day and made it appear next to widely used words, such as “Inflation”, “Money” and “Crypto”. Indeed, investors have a positive sentiment towards Dogecoin, although it appears more volatile than the average.

Even the founder of Cardano (ADA), Charles Hoskinson, followed the topic and made an interesting comment. Recently, he has stated that “Now that Twitter is in the hands of Elon Musk I can see a real possibility that Doge will somehow merge with the platform”.

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Onchain Data

Crypto whales move over $130 million worth of DOGE

As markets surge, the largest crypto whales are moving over $130 million worth of Dogecoin. On Tuesday, an unknown wallet sent 150 million DOGE worth $20.7 million to another wallet. Not even a hour later, crypto trackers registered a transfer of 300 million DOGE, worth more than $41.8 million.

However, Dogecoin whales were not the only ones on the move. In between the two DOGE transactions, an unknown wallet sent to Bitstamp, the crypto exchange based in Belgium, 60 million XRP worth $28.03 million. Later on, the exchange sent 60.9 million XRP, approximately the same amount it has received, to another crypto wallet.

Today, the 6th-ranked crypto asset by market cap, XRP, has reached $0.455 and is down 2% in the past 24 hours. However, if we consider the past week, it is down more than 3%, the reason why crypto whales are making relevant transactions.

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Community

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News of the week

• Exchange: Binance, with over $1 billion to spend, weighs buying a bank. [Read more]
• China: Hong Kong proposes allowing retail trade in cryptocurrencies. [Read more]
• Twitter: Elon Musk dissolves Twitter's board of directors. [Read more]
• Bitcoin: Bitcoin bear market has a silver lining, CryptoCompare's Q3 Review shows. [Read more]

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About

Investoom is a Munich-based Fintech Startup democratizing the access to quantitative investment insights that are used by big hedge funds, but are inaccessible to retail investors. We are a market intelligence company that provides AI-powered investment insights through social sentiment data, onchain data and financial data.

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