Amid the Twitter acquisition buzz, Dogecoin zoomed about 22 per cent within the last 24 hours to hit $0.08028 on Thursday, but gave up some gains to trade at $0.07707 at 14.40 hours IST, the coinmarketcap data suggested
Twitter deal pushes Dogecoin up 22%. Is it a dead-cat bounce within the dog-themed token?
Dogecoin, the most important and most popular memecoin, was flying high on Thursday, rising quite 20 per cent in the last few hours, leading the double-digit gainers as crypto market rallies.
Dogecoin (DOGE) was up nearly 22 per cent over the past 24 hours as billionaire Elon Musk's purchase of Twitter for about $44 million approached the finishing line , which is probably going to close by Friday.
Amid the Twitter acquisition buzz, Dogecoin zoomed about 22 per cent within the last 24 hours to hit $0.08028 on Thursday, but gave up some gains to trade at $0.07707 at 14.40 hours IST, the coinmarketcap data suggested.
The total volume zoomed close to 200 per cent as Dogecoins worth $2.08 billion exchanged hands within the last 24 hours, with its total market cap rising above $10.32 billion. there have been 132.67 billion Dogecoins in supply at the identical time.
Musk has been a serious supporter of DOGE, which has become a proxy for sentiment about him. The entrepreneur's statements about the token have also consistently influenced its price.
Commenting on the renewed interest, Edul Patel, CEO and co-founder of Mudrex, said the rally within the memecoins can be attributed to multiple factors, with the long-awaited Twitter acquisition cater to Elon Musk being the biggest one.
Prashant Kumar, CEO and Founder at weTrade, said memecoins have a young fan base and are popular among millennials and Gen Z. With their small-ticket size and smaller investment amounts, there's a renewed interest in them.
Given the worldwide economic factors and the speculative nature that memecoins have, their fluctuations are far more stark, he added. "There is not any fixed number of a particular memecoin making it more suitable for short-term, swing investments."