Dogecoin Surges 42% as Investors Eye Twitter Adoption

Dogecoin Surges 42% as Investors Eye Twitter Adoption
  • Dogecoin sees a 41.76% price increase over the week after Elon Musk buys Twitter.
  • Speculations arise that Twitter might use Dogecoin as a payment method.
  • At the time of writing, DOGE’s price is trading at $0.08201, up 8.47% in the last 24 hours.

Investors are starting to acquire Dogecoin after Dogecoin advocate Elon Musk officially purchased the social media platform Twitter on October 27.

According to the crypto price-tracking website CoinMarketCap, Dogecoin is the most trending cryptocurrency listed on the platform right now. A day after the new Twitter owner purchased the platform, the price of DOGE has pumped a whopping 41.76% over the last seven days and a massive 38.47% 30 days increase.

Source: CoinMarketCap

In light of Musk’s Twitter acquisition, the Dogecoin community expressed excitement as speculations of possible use cases of DOGE on Twitter have escalated. In fact, Dogecoin YouTuber and advocate Matt Wallace ridiculously told his 600K Twitter followers that he was the newly appointed Twitter CEO.

While Wallace’s statement regarding him becoming CEO of Twitter was just a hoax, the overall crypto community cannot hide the fact that the meme coin has become more popular after the purchase.

Dogecoin’s possible use cases were still uncertain and purely speculative at the moment. Yet, in April, the Dogecoin advocate suggested making the meme coin a payment option on Twitter. Based on Musk’s proposal, Dogecoin could become the main cryptocurrency on the social media platform in the near future.

At the time of writing, the price of DOGE was trading at $0.08201, up 8.47% in the last 24 hours according to the data of CoinMarketCap. Furthermore, Dogecoin’s market cap now reaches $10.9 billion.

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Bryan is a gamer who became genuinely interested in crypto after his initial exposure to Play-to-Earn games like Axie Infinity and Pegaxy. He has basic knowledge of technical analysis and is keeping an eye out for interesting developments in the metaverse and GameFi space.