Dogecoin Is Up 134% This Week. Can the High Meme Coin Head Better?

Key Takeaways

  • Dogecoin has more than doubled over the final seven days.
  • The meme coin got a foremost boost from Elon Musk’s acquisition of Twitter.
  • Many speculators are hoping Musk will integrate Dogecoin with Twitter, pushing its tag even elevated.

Dogecoin has turn out to be the head-performing indispensable crypto asset after leaping 134% over the final seven days. 

Dogecoin Leads the Market

Dogecoin mania is support. 

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

On the opposite hand, it wasn’t till the weekend that the precise fireworks started. Much less than 24 hours after Musk officially took purchase an eye on of Twitter and fired among the corporate’s top executives, Dogecoin started another leg up. The Shiba Inu-themed coin acquired a additional 87.5%, hovering from around $0.08 on Friday to a high of 0.15% on Tuesday morning sooner than a runt chilly-off. 

DOGE/USD chart (Source: CoinGecko)

To the uninitiated, it may simply appear coincidental that Dogecoin has rallied so great on the support of Musk’s Twitter buyout. On the opposite hand, the Tesla and SpaceX CEO has a lengthy connection to the meme coin relationship support to the originate of 2021. Musk changed into once instrumental in serving to Dogecoin waft to an all-time high of $0.73 on May perhaps 8 via more than one tweets, a Saturday Evening Are residing sketch, and revealing he had for my piece invested in the meme coin. 

Musk’s affinity for Dogecoin persisted in 2022 when he launched that Tesla would originate letting customers make a selection merchandise the snarl of DOGE. On the opposite hand, what has Dogecoin lovers excited this time around are some comments Musk made in dialog with pale Twitter CEO Jack Dorsey concerning easy suggestions to support decentralize and fight bots on the social media net site. 

Final month, a doc containing a few of Musk’s conversations relating his make a selection of Twitter changed into once supplied as evidence on the trial between Musk and Twitter. Loads of of Musk’s comments allude to creating or bettering Twitter to turn out to be more decentralized or diverse suggestions to fight the positioning’s rampant bot scheme back. Of impart is one alternate where Musk small print a “blockchain-essentially based mostly mostly version of Twitter where the “tweets” are embedded in the transaction as comments.” On this thought, Musk also floats the premise of charging 0.1 DOGE per declare or repost. 

Now that Musk has taken purchase an eye on of Twitter, speculation that he will integrate Dogecoin with the social media platform is reaching a fever pitch. Seeing the meme coin mania unfold, it looks Musk has reverted to his 2021 tactic of posting cryptic Dogecoin-connected tweets, including far more gasoline to the fire. On Monday evening, Musk tweeted out a image of a Shiba Inu sporting a t-shirt with the Twitter label. In response, Dogecoin had acquired another 23% by the following morning. 

Is Dogecoin Running Out of Steam?

After such an impolite surge in Dogecoin’s tag, traders and onlookers alike are starting up to wonder how great elevated the meme coin can trudge. Now that the principle event has passed with Musk finalizing the Twitter deal, the Dogecoin rally looks to be slowing.  

Posting photography of Shiba Inu dogs on Twitter can handiest spur traders so repeatedly—at a definite level, those speculating on DOGE will originate to tire of Musk’s cryptic posting. Restful, many are conserving out for one closing push upward if and when Musk unearths what he has deliberate for his popular crypto asset just about Twitter.

Paradoxically, Musk’s ongoing hints and teases at a Twitter Dogecoin connection may very smartly be the bullish scenario. By continuing his cryptic “Dogeposting” Musk is letting speculators’ imaginations spin wild, additional detaching Dogecoin’s fee from anything else main. Once this spell is broken—both via perfect news or rotten news—traders will doubtless lose passion and spend revenue in the brief duration of time because the suspense has been broken. 

On the opposite hand, no matter whether the scorching DOGE rally continues for another month or fades tomorrow, this episode has published precious knowledge about Dogecoin and Musk’s relationship with it. It’s clear that the tech billionaire will continue to shill his popular crypto asset, barring any intervention from regulators such because the SEC. If Dogecoin can double in fee in not as much as every week below the scorching harsh macroeconomic stipulations, protest how high speculative mania may push it up at some level of a paunchy-blown bull spin. 

Disclosure: At the time of penning this share, the author owned ETH, BTC, and a few alternative assorted crypto belongings. 

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