Elon Musk’s Twitter Acquisition Makes Dogecoin (DOGE) Rally Over 100% in One Week

UTC by Bhushan Akolkar · 3 min read
Elon Musk’s Twitter Acquisition Makes Dogecoin (DOGE) Rally Over 100% in One Week
Photo: Depositphotos

Elon Musk’s Twitter acquisition has set the DOGE price on fire. Cardano founder Charles Hoskinson proposes making Dogecoin a Cardano sidechain for integration into Twitter.

Last week, the entire crypto market witnessed a strong bounce-back moving past $1 trillion once again. However, the week turned into a major memecoin fest with Dogecoin (DOGE) making massive gains. Over the last week, the Dogecoin (DOGE) price rallied a staggering 100%. Over the last weekend, the DOGE price rallied all the way to $0.14 touching these levels for the first time since May 2021. As of press time, DOGE is trading at a price of $0.1172 with a market cap of $15.5 billion. What set up DOGE on a fierce rally was the Twitter acquisition by Elon Musk last week.

After months of enmity with the Twitter board, Musk finally decided to proceed with his $44 billion Twitter acquisition. As Elon Musk has been a huge fan of Dogecoin (DOGE), the memecoin community cheered this development. The Dogecoin community members are hopeful that Elon Musk might bring DOGE payments to Twitter in the future.

However, since the acquisition of Twitter, Musk hasn’t mentioned his favorite memecoin so far. Interestingly, he has been responding to the tweets of Billi Marcus, one of Dogecoin’s founders. The recent price rally has also helped DOGE climb up the ranks on the chart. As of now, Dogecoin (DOGE) is currently the eighth-largest cryptocurrency by market cap.

The trading volume for Dogecoin shot past more than $300 million on Sunday. DOGE is currently the third most-traded cryptocurrency currently in the market. On Coinbase, DOGE accounts for 14% of the total traded volumes.

On Binance, the Dogecoin (DOGE) trades shot to nearly $2 billion in the last 24 hours. It contributed nearly 10% of the exchange’s total trading volumes.

Cardano Founder Bets on DOGE-Twitter Integration

In addition to the Dogecoin community, even Cardano founder – Charles Hoskinson – is optimistic that DOGE will soon integrate with Twitter. “Now that Twitter is in the hands of @elonmusk I can see a real possibility that doge will somehow merge with the platform,” he wrote.

Interestingly, the Cardano founder also pitched Dogecoin to become its sidechain. Charles Hoskinson added that he would process this integration for free. He also added that he would add smart contracts to Dogecoin.

Interestingly on Saturday, October 29, Charles Hoskinson also put out a tweet asking his followers whether he should pitch Twitter for a sidechain option.

In the past, Charles Hoskinson has been quite critical of Dogecoin. “Dogecoin finally has a use case. If Elon decides to use it for Twitter, then there are automatically 200 million users and a use case. That’s a lot more real than memes,” he wrote in his recent tweet.

With Elon Musk acquiring Twitter, the crypto community has been interested in bringing decentralization to Twitter. Crypto exchange Binance also said that they are willing to work with Elon Musk to solve the bot issue by leveraging the power of blockchain.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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