Dogecoin shoots by 115% in a week as bulls push DOGE to reclaim 5-month high
Meme cryptocurrency Dogecoin (DOGE) is recording significant gains in the wake of Twitter’s (NYSE: TWTR) acquisition by Tesla (NASDAQ: TSLA) CEO Elon Musk. The asset is also witnessing increased buying pressure, with investors hoping Musk’s takeover of the social media giant will likely give DOGE more utility.
In particular, by press time on October 29, Dogecoin was trading at $0.12, recording gains of 115.25% from the $0.05 value witnessed on October 23. Furthermore, the DOGE weekly chart shows the price peaked at $0.14 on October 23, representing a five-month high. At the same time, the asset is recording a spike in capital inflow. By press time, the token controlled a market cap of $16.86 billion, representing an additional $9.02 billion within a week.
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@TradeCryptoNow
