Dogecoin has been the best performer for several days which is said to be attributed to Musk's Twitter deal. Doge has now passed Solana rankings to be among the top ten cryptocurrencies by market cap. Dogecoin is now the 9th largest cryptocurrency to stand right before Solana, the 10th largest by market cap.
We all know Dogecoin as the favorite crypto asset of Elon Musk. Billy Markus, the creator of DOGE, and Musk often speak together and Musk Tweets about the asset constantly which adds a good deal to its popularity.
Elon Musk’s previous decision to buy Twitter came to action this week, with Musk firing all former Twitter staff and promising to put an end to all spam bots on the platform. Musk’s Twitter acquisition has affected the price of the asset significantly with Dogecoin price rising by almost 75% to reach $0.146 on Oct 29 which is also the highest price since the primary months of 2021.
Dogecoin not only has an increase of 33% in the past 24 hours, but also an overall 73% price increase in the past week which is considered one of the greatest price increases in the whole history of the cryptocurrency. It is worth mentioning that it was not just DOGE which was affected by Musk’s Twitter deal but also other popular meme coins like Shiba Inu have had a price increase since the Twitter contract.
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It’s interesting to mention that whales have also supported DOGE in the past recent days to buy DOGE considerably. According to Dogecoin Whale Alert, one of the largest wallets moved around 28 million DOGE, which is equivalent to nearly $32 million at the current exchange rate.
However, further development of the two coins depend directly on Twitter’s performance after being bought by Elon Musk. If Twitter continues the same trend, then we can certainly expect an explosion in the price of the two mentioned assets.