Dogecoin rose by more than 100% following Elon Musks Twitter acquisition.
Dogecoin briefly doubled in value to 14 cents per Doge following the acquisition of the social media giant by the world’s richest man, Elon Musk. It saw its prices skyrocket with a massive rally within this past week, surging by more than 100% in just these last 7 days.
Elon Musk’s Twitter Acquisition
The infamous memecoin’s massive price rally was mostly sparked due to the recent news of Elon Musk’s official acquisition of Twitter. With the billionaire known to be a massive supporter of the popular memecoin, his acquisition of one of the biggest social media platforms ever brought a lot of bullishness to Dogecoin too.
— Jeff Tasch (@jeff_tasch) October 28, 2022
According to CoinGecko, DOGE saw its price surge by over 100% the past 7 days, with the crypto now sitting at a price of $0.115 at the time of writing.
Musk’s acquisition of Twitter not only helped Dogecoin to see a massive rally in its price, but also helped the memcoin to actually surpass some of its other competitors.
This past weekend, Dogecoin’s rally helped it to move ahead and surpass Cardano in ranking in the top 10 cryptocurrencies of the world by market cap. Dogecoin now currently sits at the 8th spot, with an overall valuation of $16.468 billion all the while Cardano has a reported market cap of $14.151 billion.
DOGE’s Biggest Contributor
This isn’t the first time that Elon Musk has helped Dogecoin’s price to soar. In fact, it can be argued that Musk himself is the single biggest contributor for Dogecoin’s price continuously rising every once in a while.
Earlier this year Dogecoin also saw its price spike after news of Elon Musk allowing crypto payments for Tesla and SpaceX merchandise as well as payment for his new fragrance launched just earlier this month. Dogecoin was one of the cryptocurrencies able to be used as official payment methods.