Dogecoin Is Up 134% This Week. Can the Top Meme Coin Head Greater?

Elon Musk’s Twitter acquisition has ignited a fierce rally in crypto’s fashioned meme coin.

Dogecoin has grow to be the high-performing foremost crypto asset after jumping 134% over the past seven days. 

Dogecoin Leads the Market

Dogecoin mania is support. 

Crypto’s fashioned meme coin has outpaced the market over the past seven days, spurred on by tech billionaire Elon Musk’s acquisition of Twitter. On October 25, Musk instructed his monetary backers that he planned to finalize his buyout of the social media huge by the terminate of the week. Including to a broader crypto market rally, the knowledge pushed Dogecoin’s label up 36% by the Friday acquisition date. 

Alternatively, it wasn’t except the weekend that the accurate fireworks began. Decrease than 24 hours after Musk officially took retain a watch on of Twitter and fired several of the company’s high executives, Dogecoin began one other leg up. The Shiba Inu-themed coin won a further 87.5%, soaring from around $0.08 on Friday to a excessive of 0.15% on Tuesday morning sooner than a minute cool-off. 

To the uninitiated, it can per chance well appear coincidental that Dogecoin has rallied so indispensable on the support of Musk’s Twitter buyout. Alternatively, the Tesla and SpaceX CEO has a lengthy connection to the meme coin courting support to the beginning of 2021. Musk used to be instrumental in helping Dogecoin skim to an all-time excessive of $0.73 on May per chance merely 8 through extra than one tweets, a Saturday Night Stay sketch, and revealing he had for my part invested in the meme coin. 

Musk’s affinity for Dogecoin persisted in 2022 when he announced that Tesla would start letting customers decide merchandise the utilization of DOGE. Alternatively, what has Dogecoin fans mad this time around are some feedback Musk made in dialog with frail Twitter CEO Jack Dorsey referring to how to support decentralize and combat bots on the social media field. 

Final month, a document containing several of Musk’s conversations referring to his decide of Twitter used to be presented as proof at the trial between Musk and Twitter. Loads of of Musk’s feedback allude to creating or editing Twitter to grow to be extra decentralized or change solutions to combat the positioning’s rampant bot field. Of enlighten is one change the place Musk facts a “blockchain-essentially based fully fully model of Twitter the place the “tweets” are embedded in the transaction as feedback.” In this thought, Musk additionally floats the foundation of charging 0.1 DOGE per comment or repost. 

Now that Musk has taken retain a watch on of Twitter, speculation that he’ll combine Dogecoin with the social media platform is reaching a fever pitch. Seeing the meme coin mania unfold, it seems Musk has reverted to his 2021 tactic of posting cryptic Dogecoin-linked tweets, together with indispensable extra gasoline to the fireplace. On Monday night, Musk tweeted out a image of a Shiba Inu wearing a t-shirt with the Twitter logo. In response, Dogecoin had won one other 23% by the following morning. 

Is Dogecoin Running Out of Steam?

After such an crude surge in Dogecoin’s label, investors and onlookers alike are starting to surprise how indispensable larger the meme coin can budge. Now that the foremost occasion has passed with Musk finalizing the Twitter deal, the Dogecoin rally appears to be like slowing.  

Posting pictures of Shiba Inu canines on Twitter can handiest spur investors so continuously—at a clear level, those speculating on DOGE will start to tire of Musk’s cryptic posting. Unruffled, many are preserving out for one remaining push upward if and when Musk unearths what he has planned for his authorized crypto asset with regards to Twitter.

Satirically, Musk’s ongoing hints and teases at a Twitter Dogecoin connection is doubtless to be the bullish scenario. By continuing his cryptic “Dogeposting” Musk is letting speculators’ imaginations high-tail wild, further detaching Dogecoin’s label from the leisure main. Once this spell is broken—either through accurate info or depraved info—investors will doubtless lose curiosity and decide profits in the short time duration because the suspense has been broken. 

Alternatively, without reference to whether or no longer the contemporary DOGE rally continues for one other month or fades day after at present to come, this episode has published functional info about Dogecoin and Musk’s relationship with it. It’s clear that the tech billionaire will continue to shill his authorized crypto asset, barring any intervention from regulators such because the SEC. If Dogecoin can double in label in no longer as a lot as per week below the contemporary harsh macroeconomic cases, safe how excessive speculative mania may per chance well push it up all through a fleshy-blown bull high-tail. 

Disclosure: At the time of penning this piece, the author owned ETH, BTC, and loads of other change crypto property.