Elon Musk's favorite altcoins: Will Dogecoin price be the next to rally after MASK?


  • 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

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/ 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. 

Social dominance of DOGE v. Dogecoin price

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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Cardano Price Forecast: ADA's recent breakout could trigger 15% rally

Cardano Price Forecast: ADA's recent breakout could trigger 15% rally

Cardano price rally on Monday suggests that a larger bullish move might be in the works. On-chain data shows a comeback in investor interest and entry of institutional investors.

More Cardano News

Ondo price poised to break ATH of $1.04

Ondo price poised to break ATH of $1.04

Ondo price is slowly testing its major support level at $0.63-$0.61. Aggressive buyers can consider accumulating around the immediate support zone, which extends from $0.83 to $0.80.

More Ondo News

Shiba Inu price flashes buy signal, 25% rally likely Premium

Shiba Inu price flashes buy signal, 25% rally likely

Shiba Inu price has flipped bullish to the tune of the crypto market and breached key hurdles, showing signs of a potential rally. Investors looking to accumulate SHIB have a good opportunity to do so before the meme coin shoots up.

More Shiba Inu News

New York Attorney General reaches $2 billion settlement with Genesis after claims of fraud

New York Attorney General reaches $2 billion settlement with Genesis after claims of fraud

New York Attorney General Letitia James says her office has secured a $2 billion settlement from Genesis. AG Letitia James sued the crypto company in October on account of lying and defrauding investors of over $1 billion.

More Cryptocurrencies News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.

Read full analysis

BTC

ETH

XRP