Dogecoin (DOGE), the world’s largest meme coin, has risen close to 20 percent on a daily basis. Currently, DOGE is changing hands at $0.077, gaining 18.1 percent in value. In addition to the rise in the price of the coin, which is in the first place among meme coins with a market value of $ 10.6 billion and is considered the ancestor of meme coins, the movements of DOGE whales also drew attention. Here are the details…
DOGE at levels not seen in two and a half months: Whales are active
Dogecoin (DOGE) is trading above $0.07 for the first time in ten weeks. The latest DOGE price rally came in the midst of big whale trading. According to on-chain data provider Santiment, there have been more than 420 DOGE whale transactions worth over $100,000 each. Also, the transaction volume for Dogecoin (DOGE) reached a staggering $1.18 billion.
🐶 #Dogecoin rose above $0.072 for the first time in 10 weeks on the tail end of #Ethereum's own breakout the past couple days. Both $DOGE whale transactions & trading volume spiked to August levels. Markets generally polarize when #memecoins decouple. https://t.co/9kf2EZz9va pic.twitter.com/nSIAfN7by9
— Santiment (@santimentfeed) October 26, 2022
Some market analysts believe the latest Dogecoin (DOGE) rally is coming as it is likely to finalize Elon Musk’s Twitter deal this week, according to Bloomberg. Therefore, the Dogecoin community seems to be delighted that the deal could pave the way for DOGE transactions on Twitter. Elon Musk has been the biggest proponent of Dogecoin for the past few years and believes the meme cryptocurrency is better than Bitcoin for handling daily payments.
Elon Musk drama: What happened?
cryptocoin.com As we reported, one of the things that affect DOGE’s price is Twitter and Musk drama. The billionaire announced earlier this year that he had bought a large stake in the social media platform. Shortly after, he said he wanted to buy the platform and make it a private company. However, according to Musk, the social media firm failed to provide the necessary user data. Then Musk decided to take a step back at some point. Twitter sued, and the billionaire renewed its interest in acquiring the company.
Meeting a lot of cool people at Twitter today!
— Elon Musk (@elonmusk) October 26, 2022
Musk posted a video of him entering his Twitter office while carrying a sink late last night and made a word game. “Entering Twitter HQ – let that sink in!” said. He also said that he met many “cool people” at the company’s office. As expected, Dogecoin’s price exploded following Musk’s video. The billionaire has expressed his love for the biggest meme coin countless times in the past. Dogecoin tends to trade higher when Musk does something big. Musk is expected to complete his Twitter purchase this Friday.
The latest situation in the rise of Dogecoin
In the 48-hour period, the DOGE price rose more than 25 percent with its valuation rising to $10 billion over a period of time. Still, Dogecoin (DOGE) is below its all-time high recorded in May 2021 last year. At that time, he had seen $ 0.73. Now it is trading at 90 percent below that amount.
