Dogecoin (DOGE) Soars Big As Elon Musk Closed His Twitter Deal
The billionaire’s magic is at it again. A few days after Elon Musk started his perfume business which is already experiencing great success, he has closed his Twitter deal.
His long-awaited Twitter acquisition has finally happened and may have positively affected Dogecoin’s price. DOGE experienced a bullish price action for two days straight.
According to Coingecko, the meme coin jumped to a new monthly high of $0.08451 today. However, it experienced a short decline in price and is now at $0.8451 at the time of this writing.
This makes it about a 9.37% increase over the last 24 hours. Moreover, DOGE’s trading volume increased by 196% within the same time frame.
Interestingly, DOGE gained more than 31% during the week, making it the largest weekly gainer amongst the top 20 cryptocurrencies by market capitalization.
The coin also happens to be the tenth largest on the list. With a market capitalization of $10.5 billion, it is less than a billion dollars away from exceeding Solana (SOL) on the list.
Aside from DOGE, its direct competitor, Shiba Inu (SHIB), also experienced a bullish price action. It gained almost 7.8% in the last 24 hours. SHIB now exchanges at around $0.00001123.
Elon Musk’s Twitter Acquisition Deal
Elon Musk — one of the significant supporters of Dogecoin, announced that he had closed his deal to acquire Twitter. It may be the reason behind Dogecoin’s bullish price.
On October 26, the billionaire posted a video on his Twitter that he had acquired Twitter with the caption saying “entering Twitter HQ – let that sink in”. Elon Musk is a big-time influencer in the crypto space.
Since he is a big supporter of Dogecoin, investors will have increased enthusiasm for it. Also, an on-chain analysis shows strong positive growth potential for Dogecoin thanks to the Musk factor.
According to data from BitInfoCharts, DOGE’s hash rate reached a new all-time high of 518.49 TH/s yesterday. A blockchain tends to be safer when the hash rate is higher.
High hash rates demand intense computational powers to confiscate a network during a 51% attack.
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