Dogecoin (DOGE) is one token that has managed to rise above the noise and gain more than 26% over the past week, while the rest of the cryptocurrency market struggles in the depths of a crypto winter made worse by the contagion effect started by the collapse of FTX.
Much of the momentum that the top meme coin has seen may be attributed to Twitter’s new CEO Elon Musk, as DOGE continues to be one of the billionaire entrepreneur’s preferred cryptocurrency projects.
In a Saturday tweet to his 119.2 million followers, Elon Musk disclosed some of his future ideas for the social media network. Slides from a “Twitter company talk” were included in the tweet, outlining the platform’s advances on several metrics since Musk assumed control. Notably, there has been a new high in terms of both new user signups and user active minutes.
DOGE increases by 26% in a week due to rumours about Twitter integration.,DOGE increases by 26% in a week due to rumours about Twitter integration
Plans that are now in development were also included in the PowerPoint deck for “Twitter 2.0: The Everything App,” which included “advertising as entertainment, video, encrypted DMs, longform tweets, a relaunch of blue verified, and payments.”
Even though the “payments” slide was the only one without a visual, many on cryptocurrency Twitter conjectured that Dogecoin would power this, which caused DOGE to climb by 24.15% from a low of $0.0895 on Saturday to a high of $0.108 on Sunday.
Since then, the price of DOGE has fallen to $0.0963 due to a number of challenges, such as an increase in unhappiness and complaints from Chinese residents after months of rigorous COVID lockdowns, but interest in the coin is still significant.
The scheduled January 14, 2023 launch of SpaceX Falcon 9, which will carry the DOGE-1 lunar payload, from Florida’s Kennedy Space Centre is another event contributing to Dogecoin’s growth.
The “DOGE-1 Mission to the Moon” was initially announced by SpaceX founder Elon Musk in May 2021. However, the mission’s progress was dictated by the Intuitive Machines IM-1 lunar lander, which caused a delay in the planned launch.
DOGE increases by 26% in a week due to rumours about Twitter integration.,DOGE increases by 26% in a week due to rumours about Twitter integration.,DOGE increases by 26% in a week due to rumours about Twitter integration.