Dogecoin’s Price Doubles Thanks To Musk’s Twitter Deal

Nov 08, 2022

Dogecoin_Price_Doubles_

In the wake of Musk's $44 billion deal, Dogecoin's valuation has more than doubled. The coin was trading for about $0.07 on October 27 when Tesla's CEO tweeted "the bird is freed," announcing ownership of the social media platform. In five days, the coin's price had reached $0.16.

This might not seem like much, but it boosted the market cap of Dogecoin to $21 billion, as CoinGecko, a data platform that tracks cryptocurrency markets, shows.

Quite an impressive result for a currency meant to be a "joke" to satirize the crypto market's wild speculative nature and themed after the Shiba Inu Internet meme.

"The trade of Dogecoin around Elon tweets has become a profitable form of speculation," noted Matthew Dibb, COO of Stack Funds, a crypto investment firm based in Singapore.

Undoubtedly, Musk has been a major contributor to Dogecoin's popularity ever since the coin was launched by two software engineers in 2013. During 2021, the coin's price surged about 4,000% as a result of Musk's tweets where he expressed support for the currency, describing it as a "people's crypto."

Observers of the crypto market claim the recent increase in price was driven by rumors Musk would include Dogecoin in the platform's payment system after acquiring Twitter.

"People speculate Twitter will act as a testing ground for Doge implementation and experimentation for a variety of uses," Dibb said.

Dogecoin And Shib

After losing some of its gains, Dogecoin is currently trading at $0.12, ranking eighth in terms of market capitalization among all cryptocurrencies, valuing about $16 billion, as CoinGecko data shows.

A peak of $0.63 was reached by meme coin in May last year; however, macroeconomic uncertainty and lack of investor interest have since slashed its price, just like those of Bitcoin and Ethereum. Despite the most recent rally, the Doge is still down 57% in year-to-date value.

Nevertheless, the news website Coindesk reported that the Doge's doubled price had made it the highest-performing crypto in the latest CoinDesk Index of 150 digital assets.

Up to the end of October, Dogecoin accounted for 1% of the overall $1 trillion cryptocurrency market capitalization, a small percentage of Bitcoin's 39%, according to CoinMarketCap's data. At the moment, it's at 1.58%.

Other dog-themed coins have followed Doge's lead, most notably Shiba Inu, which shares the same Japanese canine breed motif as Doge and is created to work on the Ethereum network. Shib, priced at $0.00001, spiked by a third following Musk's Twitter acquisition.

In contrast to Bitcoin, Shib and Doge supply amounts are unlimited, so the prices of these currencies are unlikely to rise simply through investment speculation.

Will Musk Have The Final Say?

The rumors that Musk plans to integrate Dogecoin as a platform payment method grew out of Musk's tweet last week featuring a Shiba Inu wearing a T-shirt with the Twitter logo.

However, early gains were halted because investors were uncertain about how serious he was about Dogecoin.

On a talk show in May of 2021, Elon Musk, the richest man in the world, called Dogecoin a "hustle," which caused the price of the token to plummet.

After that, in January of this year, Tesla began accepting the meme coin as a form of payment for merchandise, such as the "Giga Texas" belt buckles and mini models of electric vehicles.

Musk's new perfume, "Burnt Hair," is also available in Dogecoins.

Subscribe Our Newsletter

SEC and Paxos: The End of the SEC Stablecoin Investigation

Nato

SEC and Paxos: The Conclusion of the SEC Stablecoin Investigation into Binance USD

The SEC and Paxos investigation into the Binance USD stablecoin concludes without enforcement action, addressing the question, "Is BUSD a security?"

Banks and Finance
MetaMask Mastercard debit card

Hazem

MetaMask Mastercard Rolling out – Meet The New Crypto Debit Card

MetaMask announced a new debit card for selected markets and users, bridging crypto and fiat financial services. Here’s everything about the MetaMask Mastercard.

Banks and Finance
B2BROKER Liquidity B2BROKER Liquidity
Sponsored
Сonstantine

ICT Trading Explained: Smart Money Concepts, Tools and Setups
Many traders get stopped out just seconds before the market moves in their favor, and that’s not bad luck. ICT trading, developed by Michael J. Huddleston (Inner Circle Trader), reveals how institutional players engineer prices to trap the crowd and collect liquidity. This guide strips away indicators and noise, teaching you how to read the […]

discover
Understanding Perpetual Futures: How Do They Work?

Tamta

Understanding Perpetual Futures: How Do They Work?

The world of finance is constantly changing, and with it comes new ways to grow your wealth. Cryptocurrencies, stocks, and commodities are known for their ups and downs, and while it might not happen overnight, there's potential for investments to multiply in value.

Trading
Contact us bg

Contact Us

Contact the Liquidity Provider
for any questions and advertising inquiries

    Please fill out this contact form to get in touch with us

    / 3000

    By clicking “Get in touch” button, you agree to the privacy policy

    Successful!
    Thank you for your request.
    We will contact you shortly.
    Close

    Hazem

    Grok vs ChatGPT: What’s the Best AI Assistant You Need in 2025

    Grok vs ChatGPT

    Сonstantine

    How to Choose the Right Liquidity Provider for Your Brokerage

    How to Choose the Right Liquidity Provider for Your Brokerage

    Сonstantine

    Low-Latency Trading Defined: Speed, Strategy and Technology

    Low-Latency Trading Explained

    Hazem

    How Liquidity Depth Affects Slippage in High-Volume Trading

    Liquidity depth and slippage in trading

    Hazem

    What is FIX API Liquidity Connection and How Does it Power Institutional Trading?

    FIX API in institutional trading

    Сonstantine

    OTC Trading Strategies and Technologies to Succeed in Over-the-Counter Markets

    OTC Trading Strategies

    Alexander

    What is OTC Trading? A Complete Guide for 2025

    what is OTC

    Alexander

    Synthetic Futures: A Trader’s Guide to Replicating Positions with Options

    How to Trade Synthetic Futures

    Сonstantine

    Order Book Depth: What It Is And Why It Matters?

    Order Book Depth What It is And Why It Matters

    Alexander

    Spot vs Perpetual Futures: Which Is Right for You?

    Spot vs Perpetual Futures explained

    Hazem

    5 Reasons Traders Are Switching to Perpetual Futures

    5 Reasons to Switch to Perpetual Futures

    Constantine

    Top 3 Liquidity Challenges Facing New Exchanges and How to Solve Them

    Top 3 Liquidity Challenges Facing New Exchanges Today

    Constantine

    Financial Planning in the Cryptocurrency Era — Master Crypto and Digital Asset Strategies

    Financial Planning in the Cryptocurrency Era

    Hazem

    Best Platforms to Trade Perpetual Futures in 2025

    Best platforms to trade perpetual futures in 2025

    Alex

    Top 10 Fintech Website Development Agencies for 2025

    Best Fintech Website Development Agencies for 2025

    Сonstantine

    Internal vs External Range Liquidity In ICT Trading Explained

    Internal vs External Range Liquidity In ICT Trading

    Constantine

    Portfolio Backtesting — Tools, Metrics, and Methods Explained

    Portfolio Backtesting

    Сonstantine

    ICT Trading Explained: Smart Money Concepts, Tools and Setups

    ICT Trading Explained

    Сonstantine

    CFD Trading Strategies: A Practical Guide to Risk and Execution

    CFD Trading Strategies

    Alexander

    What is a Fair Value Gap? A Guide to Trading Market Imbalances

    What is Fair Value Gap

    Vitaliy

    Triangle Patterns in Trading: Mastering Ascending, Descending & Symmetrical Strategies for Maximum Profit

    Triangle Patterns in Trading: Ascending, Descending & Symmetrical Guide

    Alexander

    What Is COTI? Payments, Token & Price Prediction

    What is a COTI coin

    Constantine

    Best Copy Trading Software in 2025

    Best Copy Trading Software in 2025

    Alex

    What Is an AI Agent? The Future of Finance Explained

    AI Agent Explained
    liquidity-provider-logo
    • News
      • Stock Market Forecast
      • Stocks
      • Banks and Finance
      • Companies
      • Crypto
      • Forex
      • AI
      • Technology
      • DeFi
      • NFT
    • Articles
      • Crypto Payments
      • Trading
      • Crypto Exchange Business
      • Forex Business
      • Fintech
      • Liquidity
      • FinTech Awards
      • Blockchain
      • Investing
      • NFT
      • DeFi
    • More
      • Videos
      • Liquidity Providers List
      • Crypto Payment Providers
      • White Label Brokerage Platforms
      • Broker CRM Platforms
    [email protected]

    © 2024 Liquidity Provider. All Rights Reserved

    Privacy Policy Cookie Policy
    This site is registered on wpml.org as a development site. Switch to a production site key to remove this banner.