TL;DR Breakdown
- Dogecoin spikes as the whole meme coin economy rise by almost 10%
- The surge could have been a result of the Twitter agreement to Elon Musk’s buyout deal
- Experts believe that DOGE payments could be enforced in certain Twitter operations.
Dogecoin (DOGE) saw its demand go up after Elon Musk’s offer to take over Twitter was accepted. Statistics show that the largest meme cryptocurrency spiked 27% in value against the USD on Monday. The whole meme coin economy has also risen by almost 9.5% to $36 billion. A couple of meme coins, such as Shiba Inu (SHIB, Floki Inu (FLOKI), and Dogelon Mars (ELON), also noted an increase at the time.
SHIB rose by 1.6%, while FLOKI climbed over 2% higher against the USD in 24 hours. Dogelon Mars also rose by 12% against the USD in the same period. Kishu Inu, Hoge Finance, Samoyedcoin, and Catecoin also saw significant rises. Vitoge (VITOGE) spiked by over 95%, while Litedoge (LDOGE) jumped over 160% higher.
DOGE moved to the CoinMaketCap’s top 10. It is currently valued at over $20 billion. The original meme crypto that began as a joke in the crypto space is presently enjoying fame. After the announcement that Musk could take over the social media platform, the meme coin soared to around $0.1711.
The meme coin is still above 18% today, around almost $0.16 region. Several analysts speculate that the new development could see Musk integrating the token on the popular social media platform. Dogecoin co-founder Billy Markus and Tesla CEO agree that the meme coin will be essential as a currency with more integrations.
Behind the thriving meme coin
Dogecoin came into existence in 2013 as an internet meme of a Shiba Inu dog. Last year, it gained some relevance after the Tesla CEO endorsed it and continued hyping the cryptocurrency on social media. Apart from internet traction, the meme coin has notable features like its unlimited supply, low price, and script algorithm.
Digital Coin Group (DCG) CEO Barry Silbert recently joked that he had thoughts of purchasing DOGE.
Though Silbert has never spoken much about the meme coin, he has teased it a few times before. He earlier teased about the BTC knock-off coin. For now, it is uncertain whether Silbert is joking. There is a probability that he is actually considering the move.
Dogecoin adoption
Some renowned investors believe Dogecoin holds great potential to become a global transactional currency. If this happens, then it places the meme coin at a great level and could stand out among its competitors.
Many researchers are working to ensure the narrative comes to life. DOGE may see great outcomes in the near future, and all eyes are on the token.
Doge supporters are still hoping many institutional investors accept the meme coin. If prominent institutions like Grayscale establish a Dogecoin fund, it could be a very significant move. It will mean adoption will rise massively.
Dumping your DOGE?
Dogecoin’s price spiked by over 10% earlier this month as Musk made it public that he holds around 9% of Twitter’s stake. The rate is about US$3 billion. Tesla began taking DOGE payments in its supercharging station earlier this year. The move saw Doge’s price rising more than 14% higher at one point before it fell back.
Many institutions believe that Dogecoin holds a lot of potentials. Tesla’s CEO has always intended to push the coin to a superior level. A level that will make it outstanding. However, some experts advise investors to discharge their DOGE coins soon after the recent price changes in the coin. They believe Dogecoin is still far from a success and doesn’t have real-world utility.
