Twitter Shares Plummet by 20% as Elon Musk’s $44 Billion Takeover Shelved

The anticipated takeover of Twitter by Elon Musk, the CEO of Tesla Inc., was temporarily postponed as he waited to be briefed about the social media giant’s fake accounts. (5).jpg

Musk tweeted:

“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users.”

This revelation initially caused Twitter shares to drop by at least 20%, but they regained some ground following a consequent tweet by Musk that revealed he was still committed. At the close of business on Friday, the shares had pared their losses to 9% and ended the day at $40.72.


According to Real-Time Billionaires by Forbes, Musk is the world’s richest man with a net worth of $232.5 billion, and his announcement about the Twitter acquisition happened late last month. 


At the time, this revelation made Dogecoin (DOGE) surge by 20%, as his strong advocacy about this cryptocurrency and other Shiba Inu-themed memecoins has not gone unnoticed.


Furthermore, transactions worth more than $100,000 escalated on the Dogecoin network. Musk had previously opined that DOGE was the people’s crypto. 


The recent development puts Musk’s Twitter takeover in jeopardy despite disclosing that his quest to own the social media giant was driven by the urge to “transform” the firm into a “platform for free speech around the globe.”


The turn of events seems not to be going well with Dogecoin because it was down by 5.27% $0.08941 in the last 24 hours during intraday trading, according to CoinMarketCap.


Moreover, the recent Terra crash has negatively impacted memecoins. For instance, Shiba Inu was down by 13.04% in the last 24 hours.


Terra LUNA sent shockwaves to the crypto market because it nearly lost 100% of its value by hitting an all-time low of $0.027 on May 12 from the all-time high (ATH) price of $119.18 recorded nearly a month ago on April 5.

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Twitter Nearly Close a deal selling to Elon Musk, Will Memecoins Soar?

Negotiations between Elon Musk, the CEO of Tesla Inc., and Twitter’s eleven-member board were in high gear on April 25. Musk eyes purchasing the social media giant and making it private.

Musk has already floated a $46.5 billion offer as he seeks to gain full ownership after he recently attained a 9.2% ownership stake of Twitter. Per the announcement:

“The two sides were discussing details including a timeline to close any potential deal and any fees that would be paid if an agreement were signed.”

The turning point arose after Musk offered $54.20 per share, making the Twitter board members seriously consider his bid. 

According to Real-Time Billionaires by Forbes, with a net worth of $269.7 billion, Elon Musk is the world’s richest man. 

Musk has at least 83 million followers on Twitter, and his quest to own the social media giant is driven by the urge to “transform” the firm into a “platform for free speech around the globe.”

How will this development affect the crypto market?

As a strong advocate of Dogecoin (DOGE) and other Shiba Inu-themed memecoins, Musk’s crypto influence has gone unnoticed as his tweets often make prices soar. He had previously opined that Dogecoin was the people’s crypto. 

After Musk became the largest Twitter shareholder, DOGE surged by 16.33% in just 24 hours.  

The Tesla CEO has also influenced leading cryptocurrencies like Bitcoin (BTC) based on some of his actions.

For example, after unexpectedly changing his Twitter bio to #bitcoin in January 2021, Bitcoin’s price rose by 18.75%, from $32,000 to $38,000 in a couple of hours, whereas market capitalization surged by $111 billion.

Therefore, according to past data, Elon’s Twitter ownership might jumpstart prices in the crypto market. 

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Largest Ethereum Whales Pounce on Shiba Inu, Buy Over $88,000,000 Worth of SHIB in the Past Day

The top 1000 richest Ethereum wallets are gobbling up the popular memecoin Shiba Inu (SHIB) at an alarming rate.

Those top Ethereum wallets purchased more than $88 million worth of SHIB over a 24-hour period, according to the whale-monitoring bot WhaleStats.

One address, the 262nd-largest Ethereum wallet, purchased more than $34 million worth of Shiba Inu during that 24-hour period.

Another whale, the 29th-largest Ethereum wallet, bought nearly $40 million worth of SHIB.

Shiba Inu is trading at $0.000021 at time of writing, down 25% from where it was priced a week ago. The 14th-largest crypto asset by market cap is also down nearly 45% in the past month.

SHIB is a meme token that aims to be an Ethereum-based alternative to Dogecoin (DOGE). The crypto asset can be used for payments at various retailers or on its decentralized exchange ShibaSwap for non-fungible token (NFT) purchases and staking.

In total, the top 1000 Ethereum wallets hold more than $1.155 billion in SHIB, representing 13.78% of their non-Ethereum (ETH) holdings, according to WhaleStats. That’s second only to FTX Token (FTT), which represents about 15.56% of the addresses’ non-ETH holdings.

FTT is the exchange token of FTX, a cryptocurrency derivatives trading platform for futures, leveraged tokens and over-the-counter trading.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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How to pick or analyze altcoins?

What are altcoins?

The word “altcoin” is derived from “alternative” and “coin.” Altcoins refer to all alternatives to Bitcoin. Altcoins are cryptocurrencies that share characteristics with Bitcoin (BTC). For example, Bitcoin and altcoins have a similar basic framework. Altcoins also function like peer-to-peer (P2P) systems and share code, much like Bitcoin.

Of course, there are also marked differences between Bitcoin and altcoins. One such difference is the consensus mechanism used by these altcoins to validate transactions or produce blocks. While Bitcoin uses the proof-of-work (PoW) consensus mechanism, altcoins typically use proof-of-stake (PoS). There are different altcoin categories, and they can best be defined by their consensus mechanisms and unique functionalities.

Here are the most common types of altcoins:


Mining-based altcoins use the proof-of-work method, most commonly known as PoW, which allows systems to generate new coins by way of mining. Mining entails solving complex problems to create blocks. Monero (XMR), Litecoin (LTC) and ZCash (ZEC) are all examples of mining-based altcoins.


Stablecoins aim to reduce the volatility that has marked crypto trading and use since the beginning. The value of stablecoins is, therefore, pegged to the value of a basket of goods, like precious metals, fiat currencies or other cryptocurrencies. The basket serves as a reserve in case the cryptocurrency encounters problems. Dai (DAI), USD Coin (USDC) and Tether (USDT) are all examples of stablecoins.

Security tokens

True to its name, a security token is similar to traditional securities traded in stock markets. They resemble traditional stocks and represent equity, either in the form of ownership or dividends. Security tokens attract investors because of the high probability that their price will appreciate quickly.


Memecoins are called such because they represent a silly take on well-known cryptocurrencies. They are typically hyped by celebrities and popular influencers in the crypto space. Popular meme coins Dogecoin (DOGE) and Shiba Inu (SHIB), for example, often have their prices driven up by Elon Musk, Tesla’s CEO and well-known crypto enthusiast.

Utility tokens

Utility tokens are used to provide services like rewards, network fees and purchases within a given network. Utility tokens do not offer equity, unlike security tokens. Filecoin (FIL), for example, is a utility token used to purchase storage on a decentralized storage network.

How do you evaluate altcoins?

​Altcoin fundamental analysis involves looking at and evaluating all available information on an altcoin. It involves looking at the cryptocurrency’s use cases and its network, as well as the team behind the project, to fully understand and evaluate the best altcoins to buy.

When analyzing altcoins, or any cryptocurrency for that matter, the goal is to understand whether the asset in question is overvalued or undervalued. Overvalued assets should be avoided, whereas undervalued assets are more ideal. This is because overvalued assets will likely underperform and dip back to their real value. Undervalued assets, on the other hand, have more potential for growth and are consistently profitable.

A thorough analysis will help you make the best decision concerning your investment decisions.

Here are some helpful guidelines on how to analyze cryptocurrency before investing:

Step 1: Analyze the whitepaper and find the value proposition

Scrutinizing a token’s whitepaper will provide a lot of relevant information such as its use cases, goals and the team’s vision for the project. The white paper must give you a good picture of how the altcoin will provide value for its users.

The value proposition for Bitcoin, for example, is as follows: “a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on a peer-to-peer network without the need for intermediaries.”

An altcoin’s value proposition can guide you as you continue to analyze other information about it.

Step 2: Look for increasing demand and stable (or decreasing) supply

Looking at supply and demand is one of the best ways to assess your next crypto investment. Now that you’ve gotten a clear picture of how the altcoin adds value to its users, it’s time to look at how it navigates supply and demand.

Simply put, the altcoin should have incentives that will facilitate the increase of demand in such a way that supply is continually decreasing or stable. When demand outpaces supply, prices go up, thereby fueling even more demand.

To do this, you can access resources like Cointelegraph’s Price Indexes and Market News, as well as Coin 360’s Heatmap and CoinMarketCap.

Step 3: Assess the team and stakeholders behind the project

Now that you have a good understanding of what the project can offer, it’s also important to thoroughly assess the team behind the project. You can find information about the team on the project’s white paper, but try to do independent research on them as well. You can check out the official project site’s team page as well as their LinkedIn profiles which they should have made public and accessible to all.

Ask the following questions when looking into each member’s background:

  • Have they worked on other reputable and successful projects in the past?
  • What are their credentials?
  • Are they reputable members of the crypto community and blockchain ecosystem?

The goal is to find if the team behind the project is experienced and composed of experts who know what they are doing. You can look at on-chain analytics platforms and blockchain explorers to supplement your research regarding this. You can also sniff around their social media profiles or check out Twitter for conversations they engage in.

Ethereum, for instance, has such a strong investment community because every individual working on Ethereum creates value for Ethereum holders. Despite issues such as high fees and slow transactions, developers, community builders and other top talents still want to go onboard with Ethereum-related projects.

Platforms like AAVE and OpenSea​, for example, are built on Ethereum. The logic behind ensuring a strong core team backing the project is because it creates a ripple effect. A project with a strong talented team attracts even more credible forward-thinkers, thereby allowing even more projects and improvements to be built upon the platform, much like Ethereum. These people strive to continually improve on available platforms and initiatives related to the project, thus creating even more value for currency holders.

Which altcoin platforms have the most potential?

When it comes to altcoin investing, there are a variety of options you can choose from. However, it’s always prudent to know which ones have the most potential to ensure you will be making a smart investment.

  • Ethereum: There’s a reason why Ethereum is dubbed by many as the “King of Altcoins.” Created in 2013 by Vitalik Buterin and co-founders, Ethereum is a smart contract platform used to create decentralized applications (DApps). The founders engineered Solidity, Ethereum’s very own programming language for smart contracts. The majority of the current decentralized finance space relies on Ethereum’s blockchain, while the native token Ether (ETH) continues to evolve in its usefulness by the day.

  • Chainlink: Chainlink takes smart contracts to another level by incorporating real-world data. Thanks to Chainlink, Ethereum smart contracts can now make calls to other application programming interfaces, as well as act on global occurrences and other asset prices. Chainlink’s value continues to soar while it brings onboard valuable stakeholders, including former Google CEO Eric Schmidt as one of its advisers.

  • Stellar Lumens: Stellar aims to unite global banking systems via its decentralized platform. As such, it uses disconnected payment methods like Alchemy Pay and Single Euro Payments Area. The Stellar network then connects such systems via a decentralized ledger. In competition with Stellar is Ripple, whose run-in with SEC has made it vulnerable. This places Stellar in a prime position to take the reins at becoming the top global payment network.
  • Aave: Aave is already one of the top lending protocols today and continues to offer security and anonymity to borrowers. Because of its popularity, borrowers are required to offer greater collateral than the amount they are borrowing. The collateral is safely held in escrow throughout the duration of the loan. In the event of a default, the lender is automatically paid via the smart contract.


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Shib Inu and Dogecoin Competitor Explodes 50% in Just One Week As Bitcoin Breaks $51,000

A Shiba Inu (SHIB) and Dogecoin (DOGE) competitor has skyrocketed in value this week as Bitcoin and numerous other crypto projects have seen significant price increases.

The meme coin Dogelon Mars (ELON) has surged by nearly 50% in the past seven days and is trading at $0.000002 at time of writing. The 126th-ranked crypto asset by market cap appears to be derived from Elon Musk’s ambitions to bring humans to Mars.

When the token first dropped, 50% of the supply was airdropped to Ethereum founder Vitalik Buterin. Within two months of the token launch, Buterin donated his entire ELON stack to the Methuselah Foundation, a non-profit medical charity for life extension and longevity research.

ELON is also now the most traded token among the top 1000 ETH whales, according to the crypto tracker WhaleStats.

Last month, ELON’s price increased over 100% in response to a project update from the Dogelon Mars team regarding their next development stage, bringing decentralized finance (DeFi) and staking capabilities to the platform.

Other meme coins have also seen price increases this week: DOGE has surged by more than 11% in the past seven days and is trading at $0.187373 at time of writing.

SHIB is up more than 9% this week and is trading at $0.000037 at time of writing.

Bitcoin is trading at $51,045.67 at time of writing and is up more than 10% in the past seven days.

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1 million Shiba Inu users can’t be wrong… can they?

Shiba Inu (SHIB) has reached an adoption milestone by surpassing the 1 million holders mark — even though the memecoin is trading 50% below its all-time high. 

News of the milestone and daily price increase has energized the Shiba Inu community since the official Shiba Inu Twitter account tweeted a shoutout late on Nov. 25.

Since the project reached this milestone, the price has jumped up 11.4% over the past 24 hours, with SHIB now trading at $0.00004237 according to Coingecko. There are 1,002,021 SHIB holders according to data from Etherscan.

Despite the recent price increase, SHIB is still trading well below its Oct. 28 peak of $0.00008190, possibly due to SHIB whales taking profits.

There’s plenty going on in the Shib Inu world. Bitfinex Derivatives listed SHIB with Tether (USDT)-paired perpetual contracts for trading on Nov. 23.

And South Korean exchange Korbit has been accepting deposits and SHIB was scheduled to start trading at 3AM UTC. This makes Korbit the first Korean exchange to list Shiba Inu.

Dogecoin (DOGE) is currently the only other memecoin available to trade on the four big exchanges that still operate legally in South Korea: Upbit, Bithumb, Coinone, and Korbit.

Korbit has the opportunity to list new tokens paired with the Korean Won (KRW) as it was one of the few exchanges in Korea to come into full compliance by Sept. 24 with new rules designed to combat money laundering.

Related: Shiba Inu slump continues: Data shows retail interest waning as SHIB down 60% in 4 weeks

DOGE is South Korea’s fifth-most traded crypto by trade volume. DOGE has been very popular in Korea since 2017 when the country was gripped by ICO fever and cryptocurrencies traded at a premium compared to global prices — known as the “Kim Chi Premium.” It remains to be seen whether the addition of more memecoins such as Shiba Inu could lead to another speculative frenzy.

SHIB is one of the most popular memecoins on the market today, behind only DOGE. Both are among the top 15 cryptocurrencies by market cap. Inspired by DOGE, SHIB itself has many copycat coins across several chains. In total, there are over 19 cryptos with ‘Shiba’ in their names.