In October, Dogecoin, a famous meme coin in the crypto industry, became the all-around winner among the industry’s most prominent cryptocurrencies; its price doubled, its market cap increased, and its trading volume increased. The reason behind this significant achievement is Elon Musk’s acquisition of Twitter, which he did last week.
As soon as the news of Elon Musk’s acquisition of the social media giant, Twitter, was released, the value of DOGE increased as much as it had not seen since May 2022. According to data from CoinGecko, over the past two weeks, the value of Dogecoin increased by 117%. If we talk about monthly results, its value increased by 107%.
Not only did DOGE’s value increase, but also its market capitalization increased. With this successive increase in value, Dogecoin’s market capitalization reached over $17 billion, which made it the 8th largest cryptocurrency. As of the 31st of October, Dogecoin is currently around $2 billion ahead of Cardano, whom Dogecoin surpassed.
Moreover, if we look at how cryptocurrencies with a market capitalization of more than $5 billion performed in the last month, Ethereum, the second largest cryptocurrency, is behind DOGE by 18%.
Not only did Dogecoin make gains over Elon’s Twitter acquisition, but other cryptocurrencies in the market did the same job. For example, Polygon increased by 17%, Avalanche increased by 11%, and Binance Coin increased by 14%. Another famous meme coin Shiba Inu, posted over 12% gains over the past month. However, Bitcoin, the largest cryptocurrency in the market, gained only a modest 4.8% over the past month.
The reason behind an increase in the value of Dogecoin after Elon’s Twitter acquisition is the coin is known as Musk’s favorite cryptocurrency. As in previous years, Elon has tweeted in favor of this meme coin and called it the next big thing.
In May 2021, Elon jokingly called himself Dogefather, which significantly impacted Dogecoin’s price movements, as its price reached $0.67 at that time, which was its all-time high. However, it is also expected that Elon would use his favorite DOGE coin as the currency for Twitter’s premium subscription plans. If this occurs, then the price of the coin will see a high increase rate.
