Dogecoin Surges Over 15% After Elon Musk’s Twitter Takeover

Elon holding doge
Elon holding doge

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

doge usd
DOGE/USD 1D Chart: CoinMarketCap

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. 

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About the Author
Himan Mohapatra
Himan Mohapatra
Himan Mohapatra is an industry expert within the crypto-sphere and the primary journalist for Coinmash. He is passionate about finance and disruptive tech, such as blockchain. One can find him playing Valorant or FIFA when away from his desk.