In the last few days, Dogecoin’s (DOGE) price has dramatically increased. CoinMarketCap (CMC) data show that the price of DOGE has risen by almost 115% over the last week. Moreover, according to CMC data, the well-known memecoin is currently trading at $0.129, up 7% in the previous 24 hours. The preferred cryptocurrency of billionaire CEO Elon Musk surpassed the market leaders, including Bitcoin (BTC) and Ethereum (ETH), which have increased by 6.5% and 19%, respectively, over the last week.
By flipping two of the alleged “Ethereum killers,” Solana (SOL) and Cardano (ADA), during this bullish run, DOGE rose to the eighth-largest digital currency by market cap. As of this writing, Dogecoin’s market cap is approximately $17 billion, based on data from CMC.
Furthermore, DOGE outperformed all 150 digital assets in the CoinDesk Market Index in October (CMI). In contrast to the CMI as a whole, which increased by 7% during the month, the price of DOGE increased by 101%. The largest cryptocurrency by market value, bitcoin (BTC), rose 5.5% on the month, while ether (ETH), which came in second, increased by 18%.
Dogecoin: Who Let The Doge Out? Musk Apparently!
Digital asset analysts ascribed the significant increase in DOGE to Musk’s shocking $44 billion acquisition of Twitter, ostensibly because they believed the transaction might one day add value or utility to the Dogecoin blockchain and its corresponding cryptocurrency. Musk said, “Call me the Dogefather,” in a May 2021 performance on NBC’s “Saturday Night Live.” And in January 2021, Musk posted a picture of himself on Twitter cradling a Shiba Inu puppy, the type of dog that served as the inspiration for dogecoin. Musk once proposed charging 0.1 DOGE for every tweet, possibly in jest, possibly not.
Some of the most prominent Dogecoin supporters and investors think that the well-known memecoin may soon be utilised for payments on the microblogging platform as a result of Musk’s purchase of Twitter.
While Matt Wallace and Glauber Contessoto, two billionaire Dogecoin users, are ardent supporters of Elon Musk and the canine-themed coin, Algorand’s chief technical officer John Woods disagrees.
Woods took to Twitter to state that it “would be a shame” if Dogecoin were to be utilized on Twitter while “projects like Cardano and Algorand” exist.