October 31, 2022

Musk Pushes Dogecoin to Surge Over 98 Percent in Past Week



Dogecoin saw an extended hike in the past week’s gains after billionaire Elon Musk completed a $44-billion deal to acquire Twitter last week. 

Currently, Dogecoin sits at 12 cents, increasing 98.8% over the past week. In the past week, Dogecoin became the eighth largest cryptocurrency by market capitalization, after its total value has gone up from around $8.1 billion to about $15.7 billion, exceeding coins like Solana and Cardano, according to CoinGecko.

The trading volume of the crypto coin, which is always promoted and backed by Musk, saw a remarkable hike on the famous cryptocurrency exchange platforms totaling $302 million over the past 24 hours, according to Decrypt

On Coinbase, Dogecoin is currently the most traded coin, after controlling more than 14% of the exchange’s total trading volume. 

While on Binance, the trading volume between Dogecoin and Binance USD surpassed $900 million, accounting for 5% of the exchange’s total trading volume. Also, the trading volume between Dogecoin and Tether reached $1.8 billion over the past 24 hours, representing 10% of the exchange’s total trading volume. 

The rise in the cryptocurrency’s gains is attributed to the Tesla Inc. CEO’s support through his tweets about it. Musk, earlier, tweeted that Dogecoin may be my fav cryptocurrency. 

Musk did not mention Dogecoin after his Twitter deal, however, he replied to tweets of Billy Markus, one of Dogecoin’s developers, multiple times.

It is worth mentioning that Tesla merchandise could be bought by Dogecoin starting this year. Also, Dogecoin is accepted as a payment for purchasing Musk’s newly launched perfume brand. 

Moreover, Binance supported Musk’s takeover of Twitter with $500 million as an investment. Binance becomes among a consortium of 18 other investors that helped Musk to acquire Twitter. 

Binance CEO Changpeng Zhao said: “We’re excited to be able to help Elon realize a new vision for Twitter,” looking forward to playing a role in expanding the use and adoption of crypto and blockchain technology through Twitter. 

Dogecoin was created on December 6, 2013, based on the popular “Doge” Internet meme and features a Shiba Inu on its logo. It can be bought on centralized exchanges such as Binance, Coinbase, Crypto.com, Bitfinex, and more.

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