Dogecoin has gained over 100% in the last ten days as bulls rub their hands in glee for even larger gains.
The price rally has been attributed to Elon Musk’s acquisition of Twitter, with some speculating that DOGE will be integrated into the platform.
DOGE short traders suffered liquidations in excess of 50 million over the weekend during the meteoric rally.
After several months in the doldrums of lethargic price movements, Dogecoin bucked the trend over the weekend, and enthusiasts have Elon Musk to thank for the spike.
Last week, Elon Musk’s purchase of microblogging site Twitter became official in a $44 billion deal that created ripples of excitement throughout the digital assets industry. The effect of the sale was visible in the price movement of Dogecoin (DOGE) as it climbed to its highest point in five months.
Days after sealing the deal, DOGE gained 106% to reach $0.1494 in a blistering move, and only seven days earlier, the asset was hovering at the $0.0588 mark. The market capitalization for DOGE surpassed Cardano and Solana over the weekend and pegged at $16.5 billion, while trading volumes in the last 24 hours are well above $6 billion.
According to data from on-chain analysis firm IntoTheBlock, the rally has put 62% of all DOGE holders in the green. For short sellers, the rally led to over 50 million worth of liquidations in the futures market during the unexpected short squeeze.
Even bigger numbers for DOGE
The new run has triggered renewed faith amongst enthusiasts that DOGE can surpass the $1 mark for the first time in its history. While it may appear to be a long shot, DOGE has several factors working for it that analysts say would be instrumental in reaching new highs.
First is the multiple reports that Musk’s Twitter could integrate DOGE as an option for tipping creators on the site.
“Now that Twitter is in the hands of Elon Musk I can see a real possibility that doge will somehow merge with the platform,” said Charles Hoskinson, Cardano’s founder.
Other accounts have shared a similar opinion with Matt Wallace, noting that integrating DOGE with Twitter will “showcase to the entire world what Dogecoin is capable of!”
Musk’s affinity with Dogecoin has been a long-running affair that peaked in 2021. The Tesla CEO had utilized his Twitter account to share Doge-related memes and appeared on Saturday Night Live to seemingly “promote” the asset.
In Jan 2022, Musk took things up a notch by announcing that Tesla customers can use DOGE to pay for merchandise and hinted that SpaceX could toe the same path in the coming months.