Breaking News
Investing Pro 0
Cyber Monday SALE: Up to 54% OFF InvestingPro+ CLAIM OFFER

Dogecoin Is Up 134% This Week. Can The Top Meme Coin Head Higher?

By Crypto BriefingCryptocurrencyNov 02, 2022 03:06AM ET
www.investing.com/analysis/dogecoin-is-up-134-this-week-can-the-top-meme-coin-head-higher-200631824
Dogecoin Is Up 134% This Week. Can The Top Meme Coin Head Higher?
By Crypto Briefing   |  Nov 02, 2022 03:06AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
 
TSLA
-0.19%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DOGE/...
+14.00%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DOGE/USD
+13.77%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
SHIB/USD
+2.05%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

Elon Musk’s Twitter acquisition has ignited a fierce rally in crypto’s original meme coin.

Key Takeaways

  • Dogecoin has more than doubled over the past seven days.
  • The meme coin received a significant boost from Elon Musk's acquisition of Twitter.
  • Many speculators hope Musk will integrate Dogecoin with Twitter, pushing its price even higher.

Dogecoin has become the top-performing major crypto asset after jumping 134% over the past seven days.

Dogecoin Leads the Market

Dogecoin mania is back.

Crypto’s original meme coin has outpaced the market over the past seven days, spurred on by tech billionaire Elon Musk’s acquisition of Twitter. On October 25, Musk told the financial backers that he planned to finalize his buyout of the social media giant by the end of the week. Adding to a broader crypto market rally, the news pushed Dogecoin’s price up 36% by the Friday acquisition date.

However, it wasn’t until the weekend that the real fireworks began. Less than 24 hours after Musk officially took control of Twitter and fired several of the company’s top executives, Dogecoin began another leg up. The Shiba Inu-themed coin gained a further 87.5%, soaring from around $0.08 on Friday to a high of 0.15% on Tuesday morning before a slight cool-off.

DOGE/USD Chart
DOGE/USD Chart

DOGE/USD chart (Source: CoinGecko)

To the uninitiated, it may seem coincidental that Dogecoin has rallied so much on the back of Musk’s Twitter buyout. However, the Tesla (NASDAQ:TSLA) and SpaceX CEO has a long connection to the meme coin dating back to the start of 2021. Musk was instrumental in helping Dogecoin soar to an all-time high of $0.73 on May 8 through multiple tweets, a Saturday Night Live sketch, and revealing he had personally invested in the meme coin.

Musk’s affinity for Dogecoin continued in 2022 when he announced that Tesla would start letting customers purchase merchandise using DOGE. However, what has Dogecoin enthusiasts excited this time are some comments Musk made in conversation with former Twitter CEO Jack Dorsey regarding how to help decentralize and fight bots on the social media site.

Last month, a document containing several of Musk’s conversations concerning his purchase of Twitter was presented as evidence at the trial between Musk and Twitter. Several of Musk’s comments allude to creating or modifying Twitter to become more decentralized or various ways to combat the site’s rampant bot problem. Of note is one exchange where Musk details a “blockchain-based version of Twitter where the “tweets” are embedded in the transaction as comments.” Musk also floats the idea of charging 0.1 DOGE per comment or repost in this plan.

Now that Musk has taken control of Twitter, speculation that he will integrate Dogecoin with the social media platform is reaching a fever pitch. Seeing the meme coin mania unfold, Musk has reverted to his 2021 tactic of posting cryptic Dogecoin-related tweets, adding even more fuel to the fire. On Monday night, Musk tweeted out a picture of a Shiba Inu wearing a t-shirt with the Twitter logo. In response, Dogecoin had gained another 23% by the following morning.

Is Dogecoin Running Out of Steam?

After such an extreme surge in Dogecoin’s price, investors and onlookers are starting to wonder how much higher the meme coin can go. Now that the main event has passed with Musk finalizing the Twitter deal, the Dogecoin rally appears to be slowing.

Posting pictures of Shiba Inu dogs on Twitter can only spur buyers so many times—at a certain point, those speculating on DOGE will tire of Musk’s cryptic posting. Still, many are holding out for one final push upward if and when Musk reveals what he has planned for his favorite crypto asset about, Twitter.

Paradoxically, Musk’s ongoing hints and teases at a Twitter Dogecoin connection might be the bullish scenario. By continuing his cryptic “Dogeposting,” Musk is letting speculators’ imaginations run wild, further detaching Dogecoin’s value from anything fundamental. Once this spell is broken—either through good news or bad news—investors will likely lose interest and take profits in the short term as the suspense has been broken.

However, whether the current DOGE rally continues for another month or fades tomorrow, this episode has revealed valuable information about Dogecoin and Musk’s relationship with it. The tech billionaire will continue to shill his favorite crypto asset, barring any intervention from regulators such as the SEC. If Dogecoin can double in value in less than a week under the harsh macroeconomic conditions, think how high speculative mania could push it up during a full-blown bull run.

Original Post

Dogecoin Is Up 134% This Week. Can The Top Meme Coin Head Higher?
 

Related Articles

Dogecoin Is Up 134% This Week. Can The Top Meme Coin Head Higher?

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (5)
Sarah Holmes
Sarah Holmes 12 hours ago
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Even when some people are losing money due to the negative markets I just made my withdrawal of $40,000 from my last week investment of $9000 with Mr. BRIAN WARREN, he is the best account manager I have ever invested with,, I’d like to recommend him to newbies and current investors to take advantage of his program. Reach him directly on 👤🅦🅗🅐🅣🅢🅐🅟🅟 👉. +1 📲703 📲817 📲7977 📲 and start Investing to make good money.
Ferdinand Osmani
Ferdinand Osmani 19 hours ago
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Hi everyone, have you heard about the most reliable and trusted investments platform ever? if no,i kindly advise you get in touch with Mrs R'o's'a'lie B'o'u'c'h'e'r on 🅘🅝🅢🅣🅐🅖🅡🅐🅜 as @🅡🅞🅢🅐🅛🅘🅔🅑🅞🅤🅒🅗🅔🅡 also 🅕🄰🄲🄴🅱🄾🄾🅺. 🅡🅞🅢🅐🅛🅘🅔 🅑🅞🅤🅒🅗🅔🅡 she will guide you through a profitable trading experience.
Celli ferous
Celli ferous Nov 07, 2022 2:50AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Looking at the way it’s improving in nature, I guess it could! Won’t that be better for all those invested in  it? I think everyone should take advantage of this situation and make the most of it!
willen alesli
willen alesli Nov 04, 2022 5:42AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
If DOGE integrates with twitter now that Musk is handling everything, it will definitely boost higher!
Johnny Crash
Johnny Crash Nov 03, 2022 1:43AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
No, it cannot. Unlimited supply and creators minting coins faster than the speed of light. ZERO is inevitable
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email