Image source: Fox Business
Dogecoin is thriving better than ever after Elon Musk took over Twitter, breaking the coin from the crypto winter.
As of this writing, the meme coin is selling for $0.12.
Dogecoin rally
The meme coin enjoyed an extended rally when the world’s richest man finally bought the popular social media platform.
Earlier this week, the cryptocurrency briefly doubled in value to 14 cents.
Elon Musk’s influence on the cryptocurrency has been going on for years, but the coin eclipsed prices last seen in May.
While Musk hasn’t mentioned Dogecoin since the Twitter purchase, he has responded to Billy Markus on Twitter – one of the developers behind the meme coin.
In the past week, the meme coin’s value has grown exponentially.
The meme coin went from $8.1 billion to $16,630,929,389 (as of this writing).
Dogecoin surpassed coins like Cardano and Solana to become the eighth-largest cryptocurrency by market capitalization.
Read also: Elon Musk’s decision to push with buying Twitter shoots up Dogecoin prices
Crypto exchanges
The cryptocurrency has witnessed notable volume on major cryptocurrency exchanges in the past few days.
On Coinbase, it is currently the third most traded token, accounting for 14% of the exchange’s total trading volume.
Meanwhile, trades between stablecoin Tether and the meme coin generated $1.8 billion in the past 24 hours on Binance.
It accounts for 10% of the exchange’s total trading volume.
Meanwhile, exchanges between Dogecoin and Binance USD crossed over $900 million, representing 5% of the exchange’s total trading volume.
Coin movement
Despite the rally, Dogecoin is still down 84% from its all-time high of 73 cents on May 2021.
That day, Elon Musk hosted Saturday Night Live.
During his appearance, the coin took a 35% dive when he called it the future of currency and referred to it as a hustle.
Read also: Elon Musk Remains Firmly in Support of Dogecoin Despite Lawsuit
Musk and Dogecoin
The rising popularity of the meme coin can be attributed to Musk’s multi-year relationship with the meme coin.
In the past, he made references to the coin in several tweets.
Musk would later add Dogecoin as a method of payment for some products and services his companies offer.
Some Tesla merchandise is available for purchase with Dogecoin on the company’s website.
Additionally, The Boring Company takes the cryptocurrency as a form of payment for its Las Vegas Loop.
In April, Elon Musk indicated plans to let Twitter users pay for Twitter Blue, the platform’s premium subscription service, with the meme coin.
The Tesla founder’s fondness for the meme coin goes as far back as 2019 when he tweeted:
“Dogecoin may be my fav [sic] cryptocurrency.”
From there, he would share memes about the coin.
However, not everyone believes Musk acted in good faith when supporting the coin.
In June, a $258 billion lawsuit hit Musk, SpaceX, and Tesla.
The lawsuit alleged that Elon Musk was pumping the coin.
Besides Dogecoin, Musk’s acquisition also influenced dog-themed coins like Shiba Inu and Dogechain, which are up 19% and 100% this week.
Reference:
Dogecoin leaps 94% in weekly gains following Elon Musk’s Twitter acquisition
