Dogecoin Surges Over 40% In The Past Week, Topping Robinhood’s Top Gainers List.
Dogecoin continues its impressive rally, up over 40% in the past week.
Dogecoin rose by about 46% in the past week, as per a tweet shared via its official Twitter handle today.
— Dogecoin (@dogecoin) October 29, 2022
Notably, DOGE topped Robinhood’s top gainers’ list, beating ETH, AVAX, and meme coin rival Shiba Inu.
What happened #ThisWeekInCrypto? New UK Prime Minister @RishiSunak is a crypto enthusiast and CBDC supporter, @warnerbros launches NFT-access movies in the WB Movieverse, and an Inflation-pegged “flatcoin” will track cost of living rather than a fiat currency or commodity. pic.twitter.com/MILQHXgRHu
— Robinhood (@RobinhoodApp) October 29, 2022
Stats show that Dogecoin is the second-highest gainer among the top 100 cryptocurrencies by market cap. The popular doggy meme coin was second only to KLAY, a token designed for metaverse gamers, which gained over 73% in the past week.
What’s Fueling Dogecoin’s Price Action?
As subliminally implied by Coinbase in a tweet on Friday, Dogecoin’s latest surge comes as Elon Musk takes the reins at the popular micro-blogging platform Twitter. Notably, the billionaire shared a video of himself on Thursday, walking into Twitter HQ hours before the takeover, holding a sink with the caption “Entering Twitter HQ – let that sink in!”
DOGE is up – let that sink in!
— Coinbase (@coinbase) October 28, 2022
It is worth noting that Musk continues to have a long and rich love affair with Dogecoin. Support from the billionaire almost sent the token to the $1 price point in early 2021. Moreover, the billionaire has often declared that he prefers DOGE to Bitcoin as a means of payment. At one point, Musk described it as the best improvement to the current monetary standard he has seen.
Consequently, the billionaire has found ways to make the token an acceptable means of payment for merchandise at Tesla and The Boring Company, 2 out of his now five companies. What’s more, the billionaire has also previously contemplated using Dogecoin to solve Twitter’s bot problems.
Also, as reported by The Crypto Basic, Elon Musk confirmed monetizing creators on Twitter; Dogecoin adoption can get a big boost if Elon adds Doge as a means of compensating creators.
With the Tesla chief now in charge of Twitter, many believe that Dogecoin stands to gain extra utility. The meme coin is trading at the $0.08603 price point, up 44.84% in the last seven days.