After Elon Musk officially announced Twitter’s takeover and fired some of the company’s top executives on Thursday, popular meme coin Dogecoin has surged over 15%, according to coinmarketcap data.
In the past 7 days, the coin is up over 40% on the back of a broader crypto market recovery and speculation around the Twitter deal, which finally ended after months of speculation.
At press time, DOGE is the 10th largest cryptocurrency with a market cap of around $11 billion and is currency trading at close to $0.086, a high it had last seen in August.
According to Coingecko data, the entire meme coin category is up over 10% in the last 24 hours, with DOGE leading from the front, followed by Shiba Inu (up over 10%). The category has a market cap of nearly $20 billion.
DOGE has done about $3 billion in trading volumes over the last 24 hours. The only other time the coin surpassed the $3B volume mark this year was when Musk initially announced his intentions to buy Twitter in January.
DOGE & Twitter
Elon Musk, the world’s richest man, is one of the biggest supporters of Dogecoin and has even called it his favorite cryptocurrency.
Some believe Twitter would move toward a more decentralized model, and in doing so, DOGE could play a much larger role in the ecosystem, including being a mode of payment for Twitter’s on-platform services.
Even Binance has injected around $500M to fund the takeover and is building a team to fight off bots on the platform using blockchain and crypto, as reported Decrypt, indicating there might be substance to the speculations.