A popular crypto price tracker CoinMarketCap states that in comparison to 7 days ago, Dogecoin is trading 95% higher, for $0.1316 at the time of writing. The beloved meme cryptocurrency moved up to 8th rank by market capitalization thanks to this rally.
The most likely culprit of the pump is Elon Musk, albeit it seems to be entirely incidental. The multibillionaire shares a strong link in the collective consciousness of the crypto community due to having mentioned and endorsed Dogecoin in 2021. Now, he is back in the news headlines as his acquisition of a popular social media platform Twitter finally goes through effective October, 25.
The circumstances fuel preexisting speculation Musk has the power to introduce the Twitter user base of 486 million to cryptocurrencies, including his favorite Dogecoin. Previously, in April 2022, Dogecoin pumped on the news Musk has acquired a 9% stake in TWTR, back when it was a publicly traded company. Now, a tweet with a photo of his Shiba Inu Floki in a shirt with a Twitter logo, captioned by a winking face emoji, is taken by the crypto community as a hint that DOGE will see integration into the platform.
— Elon Musk (@elonmusk) November 1, 2022
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