Dogecoin (DOGE) Climbs 44% In Last 7 Days As Other Cryptos See Correction
October 28 2022 - 11:46PM
NEWSBTC
While the crypto market faces a correction period, Dogecoin has
been able to notch gains. The popular meme coin has boasted over
44% gains in the last week alone. The cryptocurrency currently
trades at $0.086 with a 24-hour volume of $3,308,559,307. This
makes it one of the top gainers in the past week. There are several
reasons for DOGE’s price action. One of them is Elon “Dogefather”
Musk’s Twitter acquisition. The news has recently been making
rounds on social media that the Tesla CEO would finally close his
Twitter deal. With him finalizing the acquisition today, Doge
supporters are bullish about the future of the cryptocurrency.
Related Reading: Why Bitcoin (BTC) Could Not Surpass Litecoin (LTC)
In This Key Area Doge Soars 12% On The Day After Market-Wide
Correction The entire crypto market experienced corrections that
saw several coin prices retract by as much as 10 percent. Dogecoin
also experienced this correction and was down by 8 percent.
However, DOGE has risen by 12% in the past few hours, recouping
losses sustained during the market-wide slump. Dogecoin’s value has
also increased by over 40% in the past week. Its trading volume has
also increased dramatically within this period. Market cap-wise,
Doge is the ninth-largest crypto, and its price of roughly $0.086
was the highest since August. According to CoinMarketCap, it has
seen a trading volume of $3.3 billion in the last 24 hours. This
means that more Dogecoin has traded hands in the last 24 hours than
Solana or Bitcoin Cash. In fact, all meme coins (as per CoinGecko
report) have increased in value by approximately 10% in the same
timeframe. Doge has only experienced this much trading activity in
2022 three times. 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. And the last time was when he accepted the bid in August.
Musk Takes Over Twitter: Plans For The 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. After Musk took
full control of Twitter, several executives, including CEO Parag
Agrawal and CFO Ned Segal, resigned. The head of legal, policy, and
trust, Vijaya Gadde, and the general counsel, Sean Edgett, also
resigned. Musk has assured Twitter’s workforce that a 75 percent
layoff is not in the works. Related Reading: Ocean Protocol (OCEAN)
Breaks Out With Bullish Bias, Will $0.25 Play Out? As per Musk’s
plans for the social network, he intends to restore several banned
accounts, including that of former US President Donald Trump. In
addition, Twitter will roll out a feature that will enable NFTs to
display natively in feeds. It will make buying and selling NFTs
easier. Meanwhile, it’s unclear whether or not Musk will introduce
Dogecoin on Twitter. However, the Dogecoin community expects Musk
to make an announcement soon. Featured image from Pixabay and chart
from TradingView.com
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