Elon Musk’s Twitter is working to add payment features to the social media platform. This is why Mask Network (MASK) and meme coin Dogecoin (DOGE) have witnessed price rallies. According to analysts, one of these altcoin projects is likely to witness a major breakout in the short term.
Is there a Mask Network and Dogecoin price relationship?
Mask Network (MASK), which enables users of popular social media apps like Twitter to send crypto to dApps without leaving the platform, gained 87.6% in the 30-day period from January 7, as MASK holders predict the utility of the token for Twitter crypto payments. Because MASK is proving popular in the crypto community, and token holders believe the asset can benefit Twitter for crypto payments.
cryptocoin.com As you follow, Elon Musk, owner of Twitter Inc. and a Dogecoin advocate, recently applied for a payment license for the social media giant. With Dogefather Musk’s Twitter plans and goal of turning his social media platform into a ‘Super App’ or everything app, payments, including crypto, are inevitable.
Both MASK and DOGE came together in response to Musk’s $44 billion acquisition of Twitter. Since Mask Network allows users to send encrypted messages and even cryptocurrencies via Twitter, the narrative is that the asset is better suited for payments on the social messaging platform. As seen in the chart below, DOGE’s price rally reflects MASK with the highs and lows overlapping.
DOGE and MASK price chartOn-chain metrics supporting the bullish narrative for altcoin
Global In/Out of the Money (GIOM), an on-chain indicator from crypto intelligence platform IntoTheBlock, considers whether investors are in profit, breakeven or loss based on their current price position. The chart below reveals the coin In/Out addresses for Dogecoin.
Global In/Out of the Money (GIOM) for DogecoinIn the chart above, large clusters of in-the-money (in the snow) show a significant on-chain price range where a large amount of addresses previously bought DOGE. 70.25% of addresses are in ‘In the Money’. This is positive for the network. Because there is less selling pressure for holders trying to equalize their positions.
Dogecoin’s social dominance has been steadily increasing since January 2023, which was bullish in terms of altcoin price. Historically, a peak in meme coin’s dominance on social media platforms coincides with a peak in DOGE price, as seen in the chart below.
Social domination of DOGE and Dogecoin priceOn-chain metrics point to a possible increase in Dogecoin price. This supports the bull narrative for the meme coin. On-chain metrics are also signaling a rally in the meme coin, as the altcoin price has reflected Mask Network’s MASK token in the past.
Analyzes and forecasts made by analysts on indicators are definitely not investment advice. Do your own research before investing.
