Summary:
- Dogecoin is now ranked 8th on Coinmarketcap
- The meme-coin has edged out Cardano, Solana and Matic along the way
- Dogecoin’s fortunes are linked to Elon Musk’s successful acquisition of Twitter
- DOGE could keep rising given the FOMO and speculation that Elon Musk will integrate the meme-coin on the social media platform.
The popular memecoin of Dogecoin (DOGE) is having an eventful week in the crypto markets. Dogecoin is now ranked 8th in terms of market capitalization on Coinmarketcap.com after edging out Cardano (ADA), Solana (SOL), Polygon (MATIC) and Polkadot (DOT) this past week.
Source, Coinmarketcap.com
Dogecoin’s Fortunes are Linked to Elon Musk’s Acquisition of Twitter
The impressive price movement and market cap increment by Dogecoin (DOGE) can be attributed to Elon Musk’s successful acquisition of Twitter. Before the Twitter deal was finalized, Dogecoin was trading at $0.06. Dogecoin started to show bullish momentum after Elon Musk walked into Twitter headquarters carrying a bathroom sink.
Entering Twitter HQ – let that sink in! pic.twitter.com/D68z4K2wq7
— Elon Musk (@elonmusk) October 26, 2022
Dogecoin has since gone parabolic, gaining 152.5% to a local peak of $0.1515 set earlier today.
Elon Musk, also known unofficially as the Doge-father, has long been a proponent of Dogecoin and has hinted at a possible Twitter integration to facilitate quick and cheap payments on the social media platform. DOGE is also an accepted form of payment for Tesla merchandise, and they were planning to integrate it with SpaceX for the same purpose.
DOGE/USDT has Gone Parabolic and Could Keep Going Higher
A glance at the one-day DOGE/USDT chart below reveals that Dogecoin has gone parabolic due to the Elon Musk acquisition of Twitter. Furthermore, the meme-coin has entered FOMO (fear of missing out) territory that could succeed in pushing it toward $0.20 or higher in the short term.
In addition, the meme-coin has erased all losses due to May’s crypto-wide crash, ignited by the collapse of LUNA and UST.
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