Doge takes the spotlight as the crypto community goes wild

GB Market Commentary 01/11/2022

by Marcus Sotiriou

The crypto market is largely flat today after an impressive rally over the weekend, apart from one coin in particular – DOGE. The meme coin has taken the headlines by storm over the past week as it has been confirmed that Elon Musk, who is an avid DOGE fan, has bought Twitter. Today, DOGE reached a high of $0.159, which is around 2.7x the price from just 7 days ago.

The crypto community’s imagination has gone wild regarding the possible integrations for DOGE within the giant social media platform – could DOGE be the future currency of Twitter?

I would not rule this out, as Elon has made his admiration for DOGE abundantly clear, even Tweeting an image about DOGE on Halloween. However, I think the most bullish outcome for DOGE could be for Twitter to never actually integrate it into the platform. If Elon continues to tease the crypto community for years, people’s imaginations about the potential opportunities will be far greater than the actual reality of DOGE being integrated.

Meme-coins may be erupting and taking the spotlight, but behind the scenes institutions continue to show interest in the crypto industry. Fidelity Digital Assets, a subsidiary of one of the world’s biggest asset managers Fidelity Investments, released a report yesterday showing that 58% of institutional investors surveyed invested in digital assets in the first half of this year and 74% plan to invest in the future.

This study included a total of 1,052 institutional investors in the U.S. (410), Europe (359), and Asia (283).

Nearly 39% of respondents globally that invest buy digital assets directly from crypto platforms like brokerages, with Bitcoin and ETH noted as the most popular direct investment assets.

This survey provides some evidence that the majority of institutional investors have already entered the crypto space, with more institutions on their way.