Following the takeover of Twitter by billionaire Elon Musk, the value of dogecoin increased by 116.7% over the last week.
After the completion of Elon Musk’s acquisition of Twitter, the value of dogecoin increased by 51.9% on Saturday afternoon. Musk is a millionaire and a lover of dogecoin.
According to CoinGecko, the price of one dogecoin was $0.128303 in the middle of the afternoon on Saturday. Since the announcement of Musk’s long-awaited purchase became public four days ago, the value of memecoin has seen a significant increase.
Dogecoin has been referred to by Musk as “the people’s crypto,” and he has floated the idea of letting users pay with dogecoin for premium Twitter services.
Over the course of the last week, the price of memecoin has increased by 116.7%, and it is now rated as the eighth biggest cryptocurrency on CoinGecko’s website.
Although the broader cryptocurrency market downturn has dragged on Dogecoin, the asset’s recent comeback is due to Elon Musk and Twitter’s acquisition. Since Musk started expressing support for the token, its price has increased. Therefore, it is widely believed that DOGE might be introduced to Twitter alongside Bitcoin as a form of payment.
Musk’s support has come from tweeting about DOGE, plus Tesla’s inclusion of the token as a payment method for the company’s products.
Moreover, despite the waning interest in meme currencies, the Dogecoin community has remained optimistic about the asset. According to Finbold, the cryptocurrency community on CoinMarketCap predicted that the asset’s average price will reach $0.06748 by the end of October 2022.
In the run-up to the Twitter acquisition, DOGE exhibited optimistic optimism, with the asset seeking to reclaim its 2021 highs. Increased stockpiling of the asset by whales has heightened the likelihood of a rally. According to Finbold, Dogecoin logged 85 whale transactions worth at least $100,000 as of October 4th.