Doge Coin has been the fourth most traded cryptocurrency in the past week. This rise is largely due to Elon Musk's purchase of Twitter. Following this announcement, the market value of this meme cryptocurrency has doubled in just one week, going from $0,06 to $0,12.
Considering the influence that Elon Musk has had on Doge's behavior in the market throughout its history, it is quite evident that his purchase of the social network Twitter has directly influenced the rise of Dogecoin price in this case. In addition, there is a rumour that Musk may have incorporated Doge as a “Twitter currency”.
While there is no confirmation of this rumor, comments from Dogecoin followers and community members support this hypothesis, with many users also claiming that this cryptocurrency “can continue to rise.” With this latest boost, Doge has accumulated a total market capitalization of $16.000 billion, ranking as the eighth most valuable asset on the market, after climbing from tenth place in the top.
In addition, experts also show that Dogecoin whales are very active at the moment. On Saturday alone, Doge rose by more than 45% in the market. Since the announcement of Elon Musk's purchase of Twitter, Dogecoin whales have made million-dollar movements from two of the world's largest DOGE wallets. Similarly, some 400 million Doge were entered into some exchanges, which can be seen reflected in the increase in the trading volume of this crypto. Thus, in the last week Doge has been the fourth most active cryptocurrency on exchanges, exceeding $46000 billion traded and being surpassed only by USDT, BTC and ETH.
