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The long-awaited Elon Musk Twitter takeover has just taken place. This means many changes for the platform, but does it mean for crypto? As an avid crypto enthusiast, Musk has been known for his significant accumulation of earnings via blockchain. Many now look towards Musk for crypto advice and follow his crypto wallet.
This has led to the meme coin Dogecoin's (DOGE) massive increase in price this October. With Musk's continuous support on the coin's side, Dogecoin is now exploding in the crypto market after this $44 billion deal. Will this deal affect other meme coins, for example, those still in development like Big Eyes Coin (BIG)?
Elon Musk has amassed a considerable net worth of $223.8 billion. This causes many people to admire him and want to be like him. His acquisition of Twitter hugely increased the social media site's market value due to his net worth.
Other things owned or endorsed by Musk have also increased in value. Musk's world-famous company Tesla has had an 8.17% increase in the past five days. Amongst Musk's endorsements lies Dogecoin. After endorsing the dog-based meme crypto coin on Twitter over the past few years, claiming that "Dogecoin may be my fav cryptocurrency", many people began to invest in the coin due to Musk's positive comments.
However, before the Twitter acquisition, it was still being determined if the coin would increase in value again as it had been hit hard by the crypto crash. The circumstances made it unsure what this may mean for other meme coins. Luckily Musk's decision to go back and re-start the Twitter takeover deal was an unexpected but very welcome surprise for Dogecoin. In the past seven days, Dogecoin's price has increased by 139%, making all Dogecoin holders absolutely ecstatic.
Fellow meme coin, Big Eyes Coin, could also benefit from Dogecoin's success after Musk purchased Twitter. Meme coins have recently been in the spotlight, with the huge jump in price and liquidation Dogecoin has had.
However, there may be better times to purchase Dogecoin as it is unlikely for it to go up in value to the same degree as it had in the past week. The profit gain may be a lot lower or relatively minimal as it seems close to hitting its peak again.
Unlike Dogecoin, Big Eyes Coin is still in its pre-sale stage. The coin has already made $9.29 million and is predicted to go up. Investing in the meme market with such a popular coin at a pre-sale stage could be a surefire way to ensure you make a profit. Meme coins don't appear to be going anywhere. Other meme coins not explicitly endorsed by Musk are also increasing in price, such as Shiba Inu (SHIB).
Elon Musk's Twitter takeover has been revolutionary for meme coins, specifically Dogecoin. With all the meme coin buzz, investing in newer meme coins like Big Eyes Coin may be the best way to profit.
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Website: https://bigeyes.space/
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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.
