Top 5 Cryptocurrencies On Bullish Rallies After Elon's Buyout

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Last Updated November 3rd 2022
5 Min Read

Top 5 Cryptocurrencies On Bullish Rallies After Elon's Buyout - Our Picks 

Here’s a glimpse of the top 5 cryptos on the verge of a bullish rally after Elon’s buyout. Find a detailed review in the coming section.

Dogecoin - The coin that would benefit the most from Elon’s buyout 

Bitcoin - The king of cryptos is all set to begin its bullish rally again 

Polkadot - A crypto with massive upside potential

Ethereum - One of the best blockchain networks with countless utilities

Shiba Inu - The top-rated coin within the meme coin sphere

 

A Closer Look At The Top 5 Cryptocurrencies On Bullish Rallies After Elon's Buyout

Elon Musk is finally at the helm of one of the largest social media platforms, which has positively impacted the wider crypto market. Musk has always been a strong proponent of cryptocurrencies. Considering his pro-crypto stance, investors are mulling to know how this Twitter takeover will influence the digital currency sector. Well, let’s see why these 5 cryptos are on bullish rallies after Elon’s buyout. 

Dogecoin (DOGE)

Tech billionaire Elon Musk has bought the microblogging website Twitter for a whopping $44 billion, and investors cannot take Dogecoin off their radar. DOGE is one of the top cryptos on a bullish rally after Elon’s buyout. Following the acquisition, DOGE even rallied about 120% within 2 days.  

History has proven that Musk’s tweets are alone enough to make a large price spike for the meme coin. He has always been an ardent supporter of Dogecoin over the years. He even suggested in April that Dogecoin should be integrated with Twitter's premium service, Twitter Blue, as a viable payment option, which is enough reason to buy DOGE now.  

The only drawback Dogecoin has is the lack of strong network fundamentals and utilities. Now the narrative has changed as the development team is working towards updating the network. The day Musk pushed Tesla to accept Dogecoin payments was one of the biggest developments for the crypto in terms of utilities. Today, the possibilities are endless for DOGE, and analysts believe it will have even more use cases on Twitter in the future, such as tipping, or payment for ads, fueling another phase of growth for DOGE. 

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Bitcoin (BTC)

Bitcoin has been experiencing a major downturn recently, followed by the crypto winter. But analysts believe that it would be back on its bullish rally, and Elon’s buyout could be one of the many reasons for that. 

Bitcoin enjoyed colossal highs in 2021, and part of the reason for this was Tesla’s $1.5 billion investment. The company banked on the coin’s long-term potential. But the company was forced to sell 75% of its BTC holdings earlier this July due to the prolonged bear market. Although Tesla announced that it would withdraw the crypto due to its high energy consumption, the company still has sufficient Bitcoin holdings. 

Another argument for why BTC would be back on a bullish rally is its increase in utility. It offers low fees to send payments across borders. Countries like El Salvador and The Central American nation have leveraged this, making BTC their legal tender to improve the livelihood of the people. 

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Polkadot (DOT)

Elon’s Twitter buyout is not only beneficial for the crypto sphere but would fuel the development of Web 3.0 and, along with that, Web 3.0 coins like Polkadot. The crypto’s purpose is to create a new kind of blockchain network made from custom-built, application-specific subchains called parachains. The platform allows developers to create, test, and deploy decentralized applications through a single platform. 

Thanks to its interoperability and network updates, DOT is certainly a high-growth crypto that will begin its bullish rally soon. Earlier this year, the crypto launched its Polkadot Relayers program, which will help innovators and developers partner to create better Web 3.0 applications. 

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Ethereum (ETH)

A key feature of Ethereum that makes it one of the best blockchains is its utility as a software network that allows developers to build and power new tools, apps, and NFTs. In 2015, the network changed the narrative by introducing smart contract functionalities to the blockchain world. By 2021, it had onboarded around 3,920 developers with its network programmability to the Web 3.0 ecosystem. Today, Ethereum's smart contract ecosystem is the hotbed of many popular DeFi, NFT, and Metaverse projects. The platform hosts over 4,000 decentralized applications (dApps). 

Despite low prices, Ethereum has held surprisingly steady over the past few months, and a big part of its growth is the implementation of the Merge. The new Proof-of-Stake method would process more sustainably and have large-scale effects on ETH’s supply, which is projected to decrease by 90 percent, making this the right time to buy Ethereum

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Shiba Inu (SHIB)

Shiba Inu, the dog-inspired meme token, has surged more than a million percent over the past few years, riding the wave of momentum higher. Since SHIB is built on top of Ethereum, it can leverage smart contracts to create much more advanced applications, like DEXs and NFTs. 

SHIB is certainly one of the top cryptos on bullish rallies after Elon’s buyout. The crypto has made headlines with its metaverse entry with Shiberse and NFT. It has also partnered with John Richmond, an Haute couture brand opening up an opportunity to strengthen its place in the NFT marketplace. 

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

The Bottomline 

Today, Elon’s buyout of Twitter has generated yet another positive wave in the crypto sphere, and it would be a game changer for the industry. So before the prices blow up, buy these top 5 cryptos as they are set to be on a bullish rally after the grand buyout.

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