Dogecoin Holds Its Gains When Others See Correction

Dogecoin is a crypto-currency that has seen a period of correction. However, it still managed to make gains. In the week just past, Dogecoin saw a 44% increase in its popularity. At $0.086, the cryptocurrency trades with a volume of $3.308,559,000,000,307. The cryptocurrency is one the biggest gainers over the past week.

There are several reasons for DOGE’s price action. One of them is Elon “Dogefather” Musk’s Twitter acquisition. Recent social media news reports have been circulating that Tesla CEO Elon “Dogefather” Musk would close his Twitter deal. The acquisition was completed today by Doge, and his supporters remain optimistic for the future.

Doge Soars 12 Percent After Market Wide Correction

There were corrections across the entire cryptocurrency market that caused many coin prices to drop by 10 percent. Dogecoin was also affected by this correction, and it fell 8 percent. DOGE rose by 12% during the hours just before, making up for the losses suffered in the global market slump. Dogecoin’s value has also increased by over 40% in the past week. Its trading volume also rose dramatically during this time.

Doge, market cap-wise the ninth largest crypto is Doge, with a price of approximately $0.086 being the highest since August. According to CoinMarketCapIt has traded $3.3 billion over the past 24 hours. Dogecoin trades have been more active than Bitcoin Cash and Solana over the same period. A majority of meme coins can be found here (as per CoinGecko(Report) increased in value approximately 10% during the same timeframe.

Doge was only three times exposed to this level of trading activity during 2022. The first was when Elon Musk announced that he’d accept DOGE as a payment method for Tesla transactions back in January. The second time was when he announced he’ll be buying Twitter. He accepted the August bid.Source: DOGEUSD Price Chart

Dogecoin’s price is currently hovering around $0.0838. | Source: DOGEUSD price char from

Musk Takes over Twitter: Plan for Social Media and DOGE

Yesterday, Dogecoin price increased by more than 21% after Musk visited Twitter’s San Francisco headquarters carrying a sink. Musk’s visit served as a clue that the takeover agreement would be finalized before the October 28 deadline. 

Many executives, including Parag Agrawal, CEO of Twitter and Ned Segal the CFO, quit after Musk assumed full control. Vijaya Gadde was the head of legal and policy and trust. Sean Edgett, who is also general counsel, also resigned. Musk has assured Twitter’s workforce that a 75 percent layoff is not in the works.

As per Musk’s plans for the social network, he intends to restore several banned accounts, including that of former US President Donald Trump. Twitter will also roll out a new feature to allow NFTs natively displayed in their feeds. The feature will simplify the process of buying and selling NFTs.

Meanwhile, it’s unclear whether or not Musk will introduce Dogecoin on Twitter. Dogecoin users expect Musk to announce soon.

Featured image by Pixabay, chart from

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