Popular meme coin, Dogecoin, is on a 7-day rampage. The token has recovered over 41% of its value following the market recovery. Dogecoin has also recorded over 17% on the day, making it one of the best-performing tokens in the past 24 hours.
The cryptocurrency market has been recovering from its recent slump, which has seen many altcoins gain significant gains. However, Dogecoin has outperformed most other coins in the top 20 by gaining more than 41% in just seven days. DOGEโs price surge comes after Elon Musk visited Twitter HQ yesterday following his Twitter acquisition announcement.
Dogecoin Keeps Over 17% Profits On The Day
Data from CoinMarketCap shows that Dogecoin (DOGE) has risen in value for the second day in a row. The popular meme coin reached a new monthly high of $0.08423 today. Dogecoin dropped briefly but has recovered to trade at $0.084, a more than 17% increase over the past 24 hours. Furthermore, trading volumes increased by 112.24% within this time frame.
DOGE has increased over 41% in the past week, the most among the top 20 cryptocurrencies by market cap. With a market valuation of $10.5 billion, Dogecoin is the tenth largest cryptocurrency. It is less than a billion dollars from surpassing Solana (SOL). Coinglass reports that traders closed out about $8.69 million worth of Dogecoin futures during the past day. Most of the Dogecoin sales (78.81%) resulted from failed short positions.
Shiba Inu (SHIB), another joke coin that competes with Dogecoin, has also increased in value over the past day. It grew by roughly 4% and currently trades at around $0.00001113. Bitcoin and Ethereum, two main cryptocurrencies, have also registered minor gains over the previous twenty-four hours. Bitcoin posted -0.61%, and Ethereum posted -0.11%, respectively.
Elonโs Visit To Twitter HQ Pumps Dogecoinย
Dogecoinโs price increase is attributed to Elon Muskโs remarks regarding his Twitter acquisition and HQ visit. Musk tweeted, โEntering Twitter HQโlet that sink in,โ as he carried a sink fixture into the building. In addition, he updated his Twitter profile to include the title โChief Twit.โ Twitterโs Chief Marketing Officer, Leslie Berland, allegedly wrote in an internal memo that Musk โis in the [San Francisco] office this week speaking with staff, strolling the halls.โ She also said that this week, he would speak to Twitter employees. She wrote, โYouโll all hear directly from him on Friday.โ
Expectations are high that Muskโs takeover of Twitter will conclude soon. He promised his backers yesterday that he would finalize the Twitter agreement by Friday, October 28. The latest report indicates the transaction will be finalized by 5 pm ET on the same day.
Itโs still unclear if Muskโs early cryptocurrency plans for Twitter (like integrating Dogecoin and using microtransactions to stop spam) will be implemented. Nonetheless, the announcement has generated excitement among crypto enthusiasts, sending DOGE prices up 16% in the last 24 hours. These increases are likely attributable to the partnership with Twitter. However, thereโs been a few other noteworthy developments involving the coin.
Featured image from Pixabay and chart from TradingView.com
