CoinMarketCap News, Nov. 1: Musk’s Twitter Shenanigans Send Dogecoin Soaring

A Salvadoran legal aid agency known as ALAC El Salvador published a denial from El Salvador’s development bank to reveal the exact amount of the country’s Bitcoin holdings. According to the refusal shared on Twitter, bank BANDESAL is unable to provide details on its Bitcoin Trust (FIDEBITCOIN) in order to safeguard national interests. However, the country’s Bitcoin holdings are not really a secret if you know where to look — President Nakib Bukele has seemingly tweeted the exact amount of Bitcoin he has purchased on the date of each purchase. Our coverage of Bukele’s BTC purchases puts the amount at 2,301 BTC as of September 2022.

In this relatively flat crypto market, there is one clear weekly winner this week — DOGE is up over 150% at press time, beating out every other coin in terms of gains in CMC’s top 100. While Musk’s Twitter acquisition has little to do with crypto and as of right now, absolutely nothing to do with Dogecoin, interest in the dog-themed memecoin can be seen as a proxy for support of Musk.  In fact, since the Twitter acquisition has gone through, there have been an influx of new DOGE contracts with names like BABYTWITTERDOGE and AntiCensorshipDogeClub — but data shows that 169 new DOGE contracts, 42 of them may be honeypots and 67 of them now have a price drop of more than 90%.

Since Elon Musk has officially become the owner of Twitter, a fair amount has happened: he has fired the CEO, CFO and policy chief, floated the idea of charging monthly for verification and a content moderation council, and has now become both the new CEO and dissolved the board to become the sole director. Beyond his new duties at Twitter, Musk also runs SpaceX, Neuralink and the Boring Company, making him the de facto leader of four companies at once. However, he now seemingly has some help on Twitter side of things. Andreessen Horowitz general partner Sriram Krishnan tweeted a photo of Twitter HQ this week, writing that he is helping out Musk “temporarily with some other great people. I (and a16z) believe this is a hugely important company and can have great impact on the world and Elon is the person to make it happen.”