Dogecoin Records Over 41% Gains Following Market Recovery
October 28 2022 - 1:46AM
NEWSBTC
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. DOGE’s price surge comes after Elon Musk
visited Twitter HQ yesterday following his Twitter acquisition
announcement. Related Reading: Solana Recaptures $30 Support; Here
Is What To Expect Based On This Indicator 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. 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. 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. Related Reading: Why Crypto
Market Fear Mirrors Lull In Volatility It’s still unclear if Musk’s
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, there’s been a few other noteworthy developments involving
the coin. Featured image from Pixabay and chart from
TradingView.com
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