Dogecoin rises by 21% ahead of the closing of Elon Musk’s deal to buy Twitter

The value of the meme cryptocurrency has risen above $0,072 for the first time in 10 weeks

27.10.2022 - 09:00

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What’s new? Analytics company Santiment reported that the rate of the Dogecoin (DOGE) meme cryptocurrency has risen above $0,072 for the first time in 10 weeks. On October 27, the asset reached $0,0799, having gained 21,44% per day. Experts also noted an increase in the volume of transactions on the network, which reached $1,89 billion over the last 24 hours. In addition, Santiment recorded an increase in the number of large transactions by institutional investors — more than 462 transactions of $100 000 or more. As of 08:20 UTC, DOGE is trading at $0,07767.

🐶 #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. https://t.co/9kf2EZz9va pic.twitter.com/nSIAfN7by9— Santiment (@santimentfeed) October 26, 2022

What else did analysts add? Santiment clarified that “markets generally polarize when meme coins decouple” from other digital assets. DOGE’s surge is likely due to the impending completion of the deal to buy Twitter by SpaceX and Tesla CEO Elon Musk.

According to Bloomberg, citing its own sources, Musk plans to close the deal as soon as October 28, he will buy the social network for $44 billion, at $54,2 per share. In this, the businessman has already changed his Twitter bio to “Chief Twit.”

In early October, when Musk revived the deal after the lawsuits, DOGE rose by 8,5%. Prior to that, the billionaire had repeatedly advocated for the meme token. In December 2021, he said that Dogecoin was better for everyday payments than bitcoin, and in April he proposed integrating Dogecoin payments into Twitter to pay for a Twitter Blue subscription.

In May, SpaceX began accepting DOGE as payment for merch. The Boring Company, also owned by Musk, integrated Dogecoin into its Loop service. The billionaire noted that he “Supporting Doge wherever possible.”

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