After hitting a new monthly high of USD 0.08423, DOGE dropped to USD 0.075 while its trading volume increased by 112.24%. Amid the recovery of the crypto market, the meme coin has outperformed most of the other top 20 coins.
The price of the popular meme coin Dogecoin (DOGE) has reached a 7-day high, recovering by over 41% after the market rally. It has also accumulated a daily 17% gain, becoming one of the best-performing tokens.
Elon Musk Causes the Price of DOGE to Rise Considerably
Many altcoins have recently made significant profits amid the recovery of the crypto market from its collapse. However, DOGE has outperformed most of the other top 20 coins in only seven days, generating over 41% gains. The recent visit of Elon Musk to Twitter headquarters after announcing the acquisition may have also boosted the meme coin.
According to data from CoinMarketCap, the price of DOGE rose for two consecutive days. After reaching a new monthly high of USD 0.08423, the meme coin dropped to USD 0.075 while its trading volume increased by 112.24%.
The value of DOGE has risen by more than 41% over the last week, the highest increase among the top 20 cryptocurrencies. A market valuation of USD 10.5 billion places it as the 10th largest crypto asset, less than USD 1 billion below Solana (SOL).
A report from Coinglass indicates that traders recently closed about USD 8.69 million worth of Dogecoin futures. Failed short positions caused most sales of the meme coin (78.81%) to occur.
The price of Shiba Inu (SHIB), which competes with Dogecoin, rose by 4% over the last 24 hours. Meanwhile, leading cryptocurrencies Bitcoin (BTC) and Ether (ETH) suffered minor losses in that period.
According to Gov.capital, the price of DOGE may rise to USD 0.22 in the coming 12 months, a 193% return from its current price.
Elon Musk’s Comments Cause the Price of DOGE to Skyrocket
Elon Musk’s comments about his takeover of Twitter and his visit to its headquarters may have caused the price of DOGE to rise. The controversial businessman showed a video where he carried a sink as he entered the premises.
Leslie Berland, the chief marketing officer of Twitter, reportedly wrote in an internal memo that Musk was in the office. She said he would talk to the staff in San Francisco and walk down the halls.
There are high expectations that Musk will complete the acquisition of Twitter in the short term. He recently promised his followers he would finalize the deal with the company soon.
Nobody knows whether Musk will implement his early plans to use DOGE and microtransactions to prevent spam on Twitter. However, the announcement caused excitement among enthusiasts and caused the price of the meme coin to rise sharply.
Meanwhile, Dogecoin is trading at around USD 0.081705 and has accumulated a 5.8% over the last 24 hours. While its daily trading volume is above USD 3.09 billion, its market capitalization is about USD 11.15 billion, according to CoinGecko.
By Alexander Salazar
