Dogecoin (DOGE) Sees Solid Price Rally As Elon Musk Proceeds to Close Twitter Deal

27. Oct 2022 Posted by Akolkar B on News

This week has been the week of memecoin festival in the crypto space and the world’s largest memcoin aka Dogecoin (DOGE) has delivered a phenomenal rally after a while.

In the last two days, the DOGE price has rallied more than 25% with a crucial breakout. As of press time, DOGE has gained more than 14% in the last 24 hours and is currently trading at a price of $0.075 with a market cap of $10 billion.

This is also for the first time in the last ten weeks that the DOGE price has rallied past $0.70. However, it is still trading at a 90% discount from its all-time high of $0.073 in May 2021.

The recent Dogecoin price rally comes amid strong what transactions. The DOGE whale transactions and trading volumes touched a two month high in the last 24 hours. As per on-chain data, the DOGE trading volume has surged to $1.2 billion. At the same time, there are 462 DOGE transactions each value at $100K and more.

During the last 24 hours, more than 407,755,487 DOGE ($32.21 million) were moved by whales in two separate transactions.

Another behind this strong Dogecoin (DOGE) price rally is that Elon Musk is likely to close the Twitter deal on Friday, October 28. The world’s richest man tweeted about his visit at Twitter’s San Francisco headquarters on Wednesday.

For the complete acquisition of Twitter, Elon Musk will be paying a sum total of $44 billion. The recent acquisition after a lot of drama that followed earlier this year. After bidding for Twitter in April, Musk and his legal team decided to back off citing incorrect data of boot accounts. After months of verbal discourse between Musk and Twitter, the former finally agreed to proceed with the deal without initiating a court battle.

Elon Musk has been an ardent promoter of Dogecoin (DOGE) over the last few year. Recently, Musk also said that he would prefer Dogecoin over Bitcoin for daily payments and transactions. Several market analysts are hopeful that Elon Musk will integrate Twitter payments to Twitter sometime in the future.

Along with Dogecoin, its immediate rival from the memecoin space - Shiba Inu - has also made strong gains over the last two days.