Elon Musk’s Purchase Promoted Dogecoin’s Price
The largest cryptocurrency in the market over the past month has indeed been DOGE (Dogecoin), with its value nearly tripling over that time.
Dogecoin’s price flies above any other cryptos’
The meme cryptocurrency reached $0.1277 on the 31st of October, a level it hasn’t reached since May 2022, thanks to news that Elon Musk completed a $44 billion agreement to purchase the social media company Twitter a few days ago.
Based on the data from CoinGecko, it amounts to a tremendous 117% growth in value during the last 2 weeks and 107% over the previous month.
The most recent rise also assisted DOGE in passing ADA (Cardano) as the 8th largest cryptocurrency in the market; DOGE presently has a market valuation of 16.4 billion USD, over $2 billion more than ADA.
The second-placed cryptocurrency Ethereum (ETH), which has increased by 18% during the past month, is well behind DOGE when compared to cryptocurrencies having a market value higher than $5 billion.
SHIB (Siba Inu), a famous meme token, has increased in value by 12% during the past month whereas BTC, that is presently trading at roughly $20,390 has only had a moderate 4.8% growth during the same time.
Thanks to the Dogefather, DOGE grew in its price
Musk is famous for favoring Dogecoin; the joke currency gained notoriety when Elon Musk praised it in a string of tweets in 2021, even hailing it as the upcoming big thing.
The CEO of Tesla has reportedly jokingly referred to himself as the “Dogefather,” and his twitter posts have had an effect on the price fluctuations of Dogecoin, assisting in bringing the crypto to a record-breaking high of around 0.67 US dollars in May of 2021.
Musk said that the site may turn into a type of “super app” comparable to Chinese WeChat in May of 2022 not long after initially making his desire to buy Twitter public. That would entail incorporating payments inside the system, which excites Dogecoin backers.
The function the joke coin might play in Musk’s recently bought company (Twitter), though, has yet to be revealed, five days after Musk bought Twitter, allowing opportunity for speculative conjecture and price fluctuations.
