The price of Dogecoin, the most popular meme coin and what most people think is Elon Musk’s favorite cryptocurrency, has gone up by more than 30% in the last two days. The billionaire’s Twitter deal is getting closer to completion, and the token’s value has fluctuated.
Dogecoin (DOGE) has grown to the point where it can be used as a stand-in for an opinion on Musk and has received a significant amount of support from him. Because of Musk’s most recent action, the value of the token went up even more. The price of a dogecoin, which was $0.08011 at the time this article was written and has increased by more than 36% in the past week, is shown below.
- Price $0.104
- Market Cap$14.27 B
Elon’s Twitter Acquisition Making Dogecoin Soar?
The recent bullish price action seen in Dogecoin can probably be attributed, at least in part, to Elon Musk’s recent announcements regarding his acquisition of Twitter. According to Coingecko, as of today, Dogecoin recorded its third green candle in a week, with a price increase of 36 % in 14 days and over 30 percent in the previous month.
Additionally, DOGE’s market cap increased by 28% and was approximately $10 billion at the time of the aforementioned update. Additionally, the trading volume of memecoin has increased by approximately 200%, and at the moment, Dogecoin has a trading volume of approximately $1 billion per 24-hour period. Despite this, the token is currently trading at a value that is 67% lower than its all-time high of $0.7376, which was recorded on May 8, 2021.
The total value of all cryptocurrencies on the global market reached $1 trillion after more than a month, representing an increase of over 3%. And the most well-known cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH) are both experiencing price increases as well. During the previous week, the value of BTC increased by 8% while the value of ETH increased by over 20%.