- Mask network garnered attention on crypto Twitter after yielding 42% gains for holders since January 30.
- Dogecoin and Mask Network holders are hopeful that these cryptocurrencies will break ground on Elon Musk’s Twitter as payment methods.
- Dogecoin and Mask Network have witnessed massive price rallies in 2023, experts believe DOGE is on the cusp of a price rally.
Elon Musk’s Twitter is working on adding payment features to the social media platform. Mask Network (MASK), which enables users of popular social media apps like Twitter to send crypto to dApps without leaving the platform, yielded 87.6% gains in the 30 day period from January 7, as MASK holders anticipated the token’s utility for crypto payments on Twitter.
With similarities between MASK and meme coin DOGE’s price rallies, it is likely that Dogecoin could witness a massive breakout in the short-term.
Also read: Can Visa's large value payments on Ethereum fuel an ETH price rally?
How Mask Network and Dogecoin are related
Mask Network (MASK) is proving popular in the crypto community and the token’s holders believe the asset could find utility on Twitter for crypto payments.
Elon Musk, the owner of Twitter Inc. and a Dogecoin proponent recently applied for a payments license for the social media giant. With self-proclaimed Dogefather Musk’s plans for Twitter, and his objective to turn the social media platform into a “Super App” or everything app, payments, including crypto are inevitable.
Both MASK and DOGE rallied together, in response to Musk’s $44 billion takeover of Twitter. Since Mask Network allows users to send encrypted messages and even cryptocurrencies over Twitter, the narrative is that the asset is better suited to payments on the social messaging platform.
As seen in the chart below, DOGE’s price rally mirrors MASK, with peaks and troughs coinciding.
DOGE and MASK price chart
On-chain metrics supporting bullish narrative for Dogecoin
The Global In/Out of the Money (GIOM), an on-chain indicator by crypto intelligence platform IntoTheBlock addresses whether investors are profiting (in the money), breaking even (at the money) or losing money (out of the money) on their positions at the current price of the asset.
The chart below revealed the In/Out of the money addresses for Dogecoin.
In/ Out of the Money Around Price for Dogecoin
In the chart above, the large in-the-money clusters indicate a key price range on-chain where a high amount of addresses previously bought DOGE. 70.25% of the addresses are “In the Money” and this is positive for the network as there is less selling pressure from holders trying to break-even on their positions.
Social dominance of Dogecoin has been rising consistently since January 2023, which is bullish for price. Historically, a peak in the meme coin’s dominance on social media platforms coincides with a peak in DOGE price as seen in the chart below.
%20[18.22.47,%2006%20Feb,%202023]-638112868933334240.png)
Social dominance of DOGE v. Dogecoin price
On-chain metrics signal a likely rise in Dogecoin price, supporting the bullish narrative for the meme coin. Since Dogecoin price has historically mirrored Mask Network’s MASK token, on-chain metrics signal a rally in the meme coin too.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin whales could prevent BTC price first monthly loss of 2023 through this move
Bitcoin price is inching towards the first monthly loss of 2023. At press time, BTC price is 4.4% below $29,233, its price on May 1. If BTC fails to regain lost ground, the asset is in for its first monthly loss of the year.
Cardano price rallies with surge in DEX volume and new meme coin launch
Cardano-based decentralized exchange Minswap registered a large spike in transaction volume since the beginning of May. Between May 1 and 30, transaction volume surged from $10 million to $72 million.
Shiba Inu eyes recovery as holders pull more than 44 trillion tokens off exchanges
The reserve of Shiba Inu tokens across cryptocurrency exchange platforms has consistently declined between March and May. SHIB holders have pulled 44.53 trillion tokens off exchanges.
XRP likely set for price rally as network activity heats up
XRP Ledger’s native token XRP registered an increase in address activity on Monday, when more than 490,000 addresses interacted on the network, signaling an impending price rally.
Bitcoin: BTC delays inevitable crash to $25,000
Bitcoin price is delaying a crash that has been brewing for roughly two weeks. A failure to push higher could result in a steep correction next week. The troubling macroeconomic conditions could be key in catalyzing and trigger a nosedive for BTC holders.