Dogecoin (DOGE) Price Shoots 20% as Elon Musk’s Twitter Deal Nears Conclusion

The world’s largest meme coin Dogecoin (DOGE) has been on a massive price rally over the last two days. On Tuesday, the DOGE price rallied 14% as the broader crypto market rallied past $1 trillion. Dogecoin (DOGE) continued its gains on Wednesday gaining another 20%.

Dogecoin (DOGE) Price

In the last 24 hours, the DOGE price is up 20.07% trading at $0.079 and a market cap of $10.6 billion. This is for the first time in the last ten weeks that the DOGE price has surged past $0.070. Besides, the recent DOGE price rally also comes on the backdrop of huge whale transactions.

The DOGE daily trading volume has surged to $1.2 billion with nearly 500 transactions each worth $100K. On-chain data provider Santiment reports:

Dogecoin rose above $0.072 for the first time in 10 weeks on the tail end of #Ethereum’s own breakout the past couple days. Both $DOGE whale transactions & trading volume spiked to August levels. Markets generally polarize when #memecoins decouple.

As per data by Whale Alert, nearly 407 million Dogecoins (DOGE) have been moved in the last 24 hours. This massive movement of DOGE cryptocurrency took place in two separate whale transactions. The first whale transaction involved a lump sum transfer of 107,755,489 DOGE. A few hours later, another whale transaction involved the transfer of 299,999,998 DOGE.

Elon Musk Nears Purchase of Twitter

Another reason for the Dogecoin community to celebrate is that Elon Musk will be concluding his Twitter deal ahead this week on Friday. A few hours back, Elon Musk tweeted a video of his visit to Twitter HQ which was enough to send the DOGE crowd into a frenzy.

Entering Twitter HQ – let that sink in! pic.twitter.com/D68z4K2wq7

— Elon Musk (@elonmusk) October 26, 2022

Elon Musk has been an ardent proponent of Dogecoin over the last few years. Several analysts believe that Musk could bring DOGE transactions to Twitter in the possible future. If this happens, it could shoot the usability of DOGE cryptocurrency massively in years to come.

As said, Elon Musk will be closing the $44 billion acquisition of Twitter this Friday. Financial services companies Morgan Stanley (NYSE: MS) and Bank of America Corp (NYSE: BAC) have offered $13 billion of debt financing to Musk to support the deal.

Binance CEO Changpeng Zhao has extended his commitment to ack Elon Musk’s Twitter takeover.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.