Dogecoin is currently on a seven-day run. After the market crash, 41% has been recovered by Dogecoin. Dogecoin’s performance has been exceptional, with over 17% recorded on the day.
The market for cryptocurrency has begun to recover from the recent slump. Many altcoins are seeing significant gains. Dogecoin is outperforming all other coins on the list, gaining over 41% in seven days. DOGE’s price surge comes after Elon Musk visited Twitter HQ yesterday following his Twitter acquisition announcement.
Dogecoin Makes More Than 17% Profits Every Day
CoinMarketCap data indicates that Dogecoin has seen its value rise for the second straight day. Today’s popular meme coin hit a new high point of $0.084223. Dogecoin traded at $0.084, an increase of more than 17% over the last 24 hours, after a brief drop. Moreover, the trading volume increased by 112.24% during this period.
DOGE has seen a 41% increase in value over the past week. It is now the largest among top 20 cryptocurrency market caps. Dogecoin ranks tenth in cryptocurrency market capitalization at $10.5billion. The cryptocurrency is still less than one billion dollars from Solana, the second largest. CoinglassReports indicate that trader closed $8.69million worth of Dogecoin options during the previous day. The vast majority (78.81%) of Dogecoin transactions were for failed short positions.
Shiba Inu(SHIB), another funny coin competing with Dogecoin has seen its value increase over the past 24 hours. This coin has risen by around 4% to trade at $0.00001113. The two major cryptocurrencies of Bitcoin and Ethereum have seen minor increases in the past 24 hours. Bitcoin was down 0.61% and Ethereum fell 0.11%.Source: BTCUSD chart at TradingView.com
Elon’s Visit To Twitter HQ Pumps Dogecoin
Dogecoin’s price increase is attributed to Elon Musk’s remarks regarding his Twitter acquisition and HQ visit. Musk tweeted, “Entering Twitter HQ—let that sink in,” as he carried a sink fixture into the building. In addition, he updated his Twitter profile to include the title “Chief Twit.” Twitter’s Chief Marketing Officer, Leslie Berland, allegedly wrote in an internal memo that Musk “is in the [San Francisco] office this week speaking with staff, strolling the halls.” She also said that this week, he would speak to Twitter employees. She wrote, “You’ll all hear directly from him on Friday.”
Expectations are high that Musk’s takeover of Twitter will conclude soon. Yesterday, Musk promised that the Twitter deal would be finalized by Friday 28 October. According to the latest reports, the transaction should be completed by Friday at 5 PM ET.
It’s still unclear if Musk’s early cryptocurrency plans for Twitter (like integrating Dogecoin and using microtransactions to stop spam) will be implemented. The announcement has sparked excitement in crypto lovers, and DOGE prices have risen 16% within the last 24hrs. This is likely due to Twitter’s partnership. However, there’s been a few other noteworthy developments involving the coin.
Featured image taken from Pixabay. Chart from TradingView.com