On October 29, a strong rally was observed for the trading price of Dogecoin (DOGE). The rally for DOGE had continued taking place for a few days but many thought it would end soon.
However, the rally did not end as it continued extending and landed on October 29. The rally continued getting stronger and reached a high trading price from the time the rally was initiated.
Elon Musk Helped Boost DOGE’s Price
The reason behind the strong upside movement of DOGE was mainly because of the latest developments involving Elon Musk and Twitter.
Elon Musk recently surprised everyone when he jumped to finalizing the deal with Twitter. As a result, Elon Musk successfully acquired the social media giant.
Following the reports, the trading price of Dogecoin shot up and started to move in the upper direction. The data suggests that on October 29 alone, the trading price of DOGE jumped almost 75%.
This is the highest gain that DOGE has recorded ever since April 2021.
It was on October 25 when the trading price of DOGE started recording a strong rally. From October 25 to October 29, the trading price of DOGE hit an overall 150% rally.
Trading Volume also Picked Up
As the strong rally took place, it not only impacted its trading price but also increased the trading volume for the meme coin. The daily trading volume of Dogecoin recorded a significant surge since the rally.
According to the data provided by Santiment, the number of transactions also surged, which eventually ended up crossing the $100,000 mark.
Santiment has also claimed that the Dogecoin token demand has also been growing significantly. Among all kinds of investors, it is the rich investors who are taking a lot of interest in Dogecoin.
The rich investors in the cryptocurrency industry are commonly known as “whales”.
Investors are Excited because Elon Musk
The interest level of the major investors increased in favor of Dogecoin just because of Elon Musk. For a long time, Elon Musk had claimed that he would make Dogecoin the native currency on Twitter.
Therefore, as Elon Musk has purchased Twitter, the majority of the investors have very high hopes for Dogecoin.
Elon Musk has remained loyal to his claims by adopting Dogecoin all over his empire. This is the reason why SpaceX and Tesla are accepting DOGE as a mode of payment for different kinds of online purchases.
With Musk acquiring Twitter, it is only a matter of time before he makes the best use of DOGE. He had previously claimed that Twitter would no longer remain just a social media platform.
Instead, Twitter would become a platform where people would be able to send and receive cryptocurrencies to each other. He stated that DOGE would be the native token for Twitter.
The investors now have their fingers crossed as they hope to see Musk’s promises come to execution.
