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Elon Musk’s favorite cryptocurrency meme token Dogecoin has witnessed a significant upsurge that places it under top ten crypto list
Lately due to bearish trend in the crypto market, Dogecoin had lost its spot among the top coins and slipped to 14th place in overall crypto market cryptocurrencies list. But the meme cryptocurrency seems to be getting back to its earlier place too with a high pace. Since the news broke out today that Tesla CEO Elon Musk is going to buy Twitter, Dogecoin has ranked itself on 10th place from where it was out for long but it has risen today back to the place it belonged in top crypto assets by market cap.
After the news came out that Elon Musk is taking the social media giant Twitter private, DOGE started pumping and went up to its present stage. Currently it’s been trading at about 24.7% increase since the news came that Twitter is expected to take a $43 billion offer from Elon Musk.
From Monday, DOGE has been recording its rise from a low of $0.1239 and trading at about $0.1579 at the time of writing, up by more than 23%. It’s not just trading price of DOGE, its market cap also has seen an impressive rise that made around $20.96 and made it placed in the top ten. However, Dogecoin is still at almost half of its worth what it was one year ago.
Although the global crypto market was somewhat down by 2.79%, the effect of DOGE price rise has been seen on other cryptocurrencies like Bitcoin and Etheruem who also saw a suitable increase. It’s the same effect experts say that the overall crypto market is up by 3.99% and holding about $1.87 trillion market cap.
The trading price and volume of popular memecoin cryptocurrency Dogecoin has been increasing since 14th April followed by the several reports claiming that Elon Musk is heavily interested in buying the social media platform Twitter. By 15th April, the trading volume of Dogecoin showing positive effects rose up to 145% in just 24 hours along with 5% growth in market cap than the previous day.
It’s quite understandable how the movements of Elon Musk are followed by the memecoin as he’s among one of the vocal supporters of it. His statements only have resulted in jumps in price of Dogecoin that he confessed that he himself uses personally than it was apparent that such a bold step by multi billionaire entrepreneur would surely effect on DOGE price.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
