Dogecoin shoots by 115% in every week as bulls push DOGE to reclaim 5-month excessive

Meme cryptocurrency Dogecoin (DOGE) is recording important good points within the wake of Twitter’s (NYSE: TWTR) acquisition by Tesla (NASDAQ: TSLA) CEO Elon Musk. The asset can also be witnessing elevated shopping for strain, with traders hoping Musk’s takeover of the social media large will possible give DOGE extra utility. 

Specifically, by press time on October 29, Dogecoin was buying and selling at $0.12, recording good points of 115.25% from the $0.05 worth witnessed on October 23. Moreover, the DOGE weekly chart reveals the value peaked at $0.14 on October 23, representing a five-month excessive. 

On the identical time, the asset is recording a spike in capital influx. By press time, the token managed a market cap of $16.86 billion, representing a further $9.02 billion inside every week.

DOGE overtakes ADA

Notably, the capital influx has pushed DOGE to overhaul Cardano (ADA) because the eighth-largest cryptocurrency by market capitalization. 

Curiously, Cardano founder Charles Hoskinson noted that Musk’s takeover of Twitter had elevated the potential of DOGE merging with the social media large. Moreover, Hoskinson invited Dogecoin to change into a sidechain on Cardano amid the growing asset’s reputation. 

DOGE’s value motion 

Though the overall crypto market correction has weighed down Dogecoin, the asset’s newest resurgence revolves round Elon Musk and Twitter’s takeover. Since Musk started displaying assist for the token, it has rallied in worth. Subsequently, there’s a widespread notion that DOGE is likely to be added as a method of transaction on Twitter alongside Bitcoin (BTC). 

Musk’s assist has come from tweeting about DOGE, alongside Tesla’s incorporation of the token as fee means for the corporate’s merchandise. 

Moreover, regardless of lowering curiosity in meme cash, the Dogecoin neighborhood has remained bullish concerning the token. As reported by Finbold, the cryptocurrency neighborhood at CoinMarketCap projected that the asset would commerce at a median value of $0.06748 by the tip of October 2022. 

Within the run-up to the Twitter takeover, DOGE witnessed a bullish sentiment, with the asset trying to regain the highs of 2021. Whales elevated accumulation of the asset has highlighted the potential of a rally. As reported by Finbold, as of October 4, Dogecoin recorded 85 whale transactions involving at the very least $100,000. 

DOGE technical evaluation 

Moreover, DOGE’s technical analysis (TA) initiatives a constructive outlook for the asset. The abstract of the technicals aligns with a ‘purchase’ sentiment at 15. Elsewhere, transferring averages at 14 are for a ‘sturdy purchase. Nonetheless, the oscillators at three are for promoting the token. 

Certainly, the main target is whether or not DOGE will handle to maintain the good points impressed by Musk’s acquisition of Twitter, with the token going through a doable affect from the overall market trajectory. 

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