Dogecoin Surges Over 70% After Elon Musk’s Twitter Takeover

On October 29th, Dogecoin surged over 75% and became one of the top 8 most valuable cryptocurrencies with trading volume increased to over 500 million dollars in the past 24 hours, according to data by TradingView.

Late on Thursday (October 27th), Elon Musk – an advocate for Dogecoin – finally bought Twitter.

The coin’s worth has significantly increased recently, primarily due to support from billionaire businessmen Elon Musk (CEO of Tesla and SpaceX) and Mark Cuban. It is currently ranked 8th among cryptocurrencies, with a reported market cap of over $19 billion.

It is worth remembering that on 19 June 2022, Elon Musk tweeted I’m continuing my support of Dogecoin, which wasn’t too much of a surprise considering all his positive tweets about Dogecoin over the past few years.

Why People Are Buying Up Dogecoins

People are buying up Dogecoins since they believe Elon Musk may implement some new features for the Dogecoin platform within the Twitter app and his upcoming “everything app” codenamed x, which he tweeted about on 5 October 2022.

Related Reading | Elon Musk’s Takeover Of Twitter: What’s Next For The Social Media Network?

On 5 August 2022, Elon Musk tweeted this about $DOGE.

I’m mainly supporting DOGE frankly because I think DOGE has the memes and the dogs, and has a sense of humor, and doesn’t take itself too seriously...

And I do think, actually weirdly, even though DOGE was just designed to be this ridiculous joke currency, the actual transactional throughput capability of DOGE is much higher than Bitcoin. And the fact that there’s five billion DOGE created every year is actually I think good for using it as a transactional currency.

Here are some examples of how the crypto community has responded to Dogecoin’s sudden rise in price.

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