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Dogecoin’s value rises by 17% as Elon Musk gets closer to a deal with Twitter


According to data from Coingecko, the price of Dogecoin (DOGE) went up for the second day in a row, and it reached a new monthly high of $0.08022 today. After a short drop, one Dogecoin is now worth about $0.077614, which is 16.7% more than it was 24 hours ago. During the same time period, the number of trades went up by 196%.

With a gain of almost 31%, DOGE is the best-performing cryptocurrency in the top 20 by market capitalization over the past week.

With a gain of almost 31%, DOGE is the best-performing cryptocurrency in the top 20 by market capitalization over the past week. Dogecoin is the tenth-largest cryptocurrency, and its market value is $10.5 billion. Solana is about to be passed by Dogecoin (SOL).

So according data from Coinglass, Dogecoin futures options worth about $8.69 million were sold in the last 24 hours. Most Dogecoin liquidations (78.81%) were caused by short positions running out.

Shiba Inu (SHIB), a meme coin that competes with Dogecoin, has gone up about 7.8% in the last 24 hours and is now worth about $0.00001123. Over the past 24 hours, Bitcoin (BTC) and Ethereum (ETH) have seen small gains of 1.6% and 2.3%, respectively.

Elon Musk bought Twitter

The most likely reason for Dogecoin’s high price is that Elon Musk recently said he was buying Twitter.

The CEO of Tesla has been a big supporter of Dogecoin, which has made investors more interested in it. Aside from the fact that Musk is involved, on-chain analytics also show that Dogecoin will grow a lot.

Statistics from IntoTheBlock show that there are now 2.81 million addresses that have held Dogecoin for more than a year. This is a new all-time high. Also, the number of traders who have only had Dogecoin for less than a month has dropped to about 132,000, which is a level not seen since May 2020.

BitInfoCharts says that the hashrate for Dogecoin hit a record high of 518.49 TH/s yesterday.

The more hash rates there are, the safer the blockchain is, because a 51% attack requires a lot of processing power.

About Nicolle

She is an Indian Freelance writer. She loves thinking, learning, and writing about all things Web3.

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