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Stockhead’s Mooners & Shakers: Twitter approves Musk takeover; DOGE, other cryptos bounce

Crypto is having a better day, and Twitter knows it. Speaking of which, DOGE fan Elon Musk looks set to take over the social-media giant at last.

Rob BadmanCoinhead
A dog does what a DOGE does. Picture: Getty Images
A dog does what a DOGE does. Picture: Getty Images
4 min read
11:49AMJune 22, 2022
Stockhead

Crypto is having a better day in general, and Twitter knows it. Speaking of which, DOGE fan Elon Musk looks set to take over the social-media giant at last.

The closest thing the world has to a real-life Tony Stark (if that’s what the world wanted) has been hogging the headlines lately, and so it continues.

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Elon Musk appears to finally be close to completing his US$44 billion takeover of Twitter, with the company’s board of directors today unanimously approving his buyout offer, according to a Securities and Exchange Commission filing.

The regulatory filing comes a few weeks after the Tesla and SpaceX CEO put the deal on hold pending a review of Twitter’s policies regarding bots and spam accounts. And it comes just days after he held a virtual meeting with all Twitter employees.

Is it bullish for crypto, then? Maybe. The crypto market has been known to react well to any perceived Elon Musk win, although the industry has also seen major mood-swing dumps in the past based on the whims of the billionaire’s tweet-happy thumbs.

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But just this week, Musk has confirmed he’s buying the crypto dip amid the recent carnage. Specifically, the Dogecoin (DOGE) dip (which is actually up about 13% today).

He’s clearly not concerned about the US$258 billion lawsuit some chancer filed against him last week in a US federal court, which relates to a supposed Dogecoin pyramid scheme.

Musk doubled down on his latest DOGE support with further confirmation today in a video interview with Bloomberg: “I intend to personally support Dogecoin, because I just know a lot of people who are not that wealthy who have encouraged me to buy and support Dogecoin – so I’m responding to those people,” said the tech billionaire.

Top 10 overview

With the overall crypto market cap at roughly US$979 billion, up 2.6% since this time yesterday, here’s today’s state of play among top 10 tokens – according to CoinGecko.

Source: CoinGecko
Source: CoinGecko

Some decent green on the daily time frame there, with Solana (SOL) leading the way (+8.9%). And that’s despite some over-leveraging, potential DeFi-defying drama going on at Solend – a major lending platform built on the Solana blockchain.

Meanwhile, Ethereum (ETH) co-founder and talisman Vitalik Buterin has taken a swipe at the famed Bitcoin Stock to Flow (S2F) model, which was created by the pseudonymous investor and analyst PlanB in March 2019.

In the past, the S2F model had maintained course pretty accurately, but it’s recently gained a lot of critics for its more recent significant deviations.

PlanB has been pretty open about the model’s limitations, which accounts for the built-in, four-yearly supply ("stock") reduction of Bitcoin, and the “flow” – the number of new coins mined each year. It doesn’t, of course, factor in changing market sentiment due to black-swan events and macroeconomic factors.

Uppers and downers: 11–100: CEL short squeeze

Sweeping a market-cap range of about US$8.9 billion to about US$405 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.

DAILY PUMPERS

• Waves (WAVES), (market cap: US$682 million) +43%

• Celsius (CEL), (mc: US$495 million) +33%

• TitanSwap (TITAN), (mc: US$462 million) +32%

• Shiba Inu (SHIB), (mc: US$6.15 billion) +28%

• Zilliqa (ZIL), (mc: US$606 million) 23%

• Aave (AAVE), (mc: US$1.01 billion) 21%

• Uniswap (UNI), (mc: US$2.27 billion) 19%

• Dogecoin (DOGE), (mc: US$8.9 billion) 13%

There are a few interesting pumps here today, including the Waves layer 1 blockchain, which is now up 17% over the past month, and doggy meme coin Shiba Inu (SHIB) which, it seems, is right into burning off its tokens to reduce supply …

… although it might well be pumping on the back of Dogecoin’s Musk-induced exuberance, too.

But wait, what’s going on with the Celsius (CEL) token pump? The thing’s actually up more than 325% over the past seven days. It appears to be a mass, possibly co-ordinated short-squeeze event…

DAILY SLUMPERS 

• BitDAO (BIT), (market cap: US$483 million) -2%

• ApeCoin (APE), (mc: US$1.38 billion) -1%

• FLEX Coin (FLEX), (mc: US$462 million) -1%

• Helium (HNT), (mc: US$1.15 billion) -1%

• LEO Token (LEO), (mc: US$5 billion) -1%

Around the blocks

To finish, a selection of randomness that stuck with us on our daily journey through the Crypto and financial Twitterverse…

Hmm, while various major world banks and analysts seem split on the topic of US recession, it appears Joe Biden and his cronies, including US Treasury Secretary Janet Yellen, are keen to get start putting their pre-election positive narratives in place…

Moving on, though…

And another from Lark, indicating Google searches for the word “Bitcoin” are up. That’s cool… although searches for “Bitcoin dead” are also spiking pretty hard, too!

Finally, Illuvium’s “Overworld” game element appears to be coming along nicely…

Mooners and Shakers is sponsored by Dacxi, the world’s first purpose-built Crypto Wealth platform.

This content first appeared on stockhead.com.au

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Original URL: https://www.theaustralian.com.au/business/stockhead/stockheads-mooners-shakers-twitter-approves-musk-takeover-doge-other-cryptos-bounce/news-story/887666a60544f72c4a6a187cc2c9b2d6