Elon Musk's favourite crypto asset rallied as much as 15% to hit $0.105 levels, before giving up some gains to trade at $0.095 levels by 13.30 hours on Monday, data from Coinmarketcap showed.
However, the volumes of the token took everyone by surprise as Dogecoin worth $2.1 billion exchanged hands in the last 24 hours, registering a gain of 125%. The total market cap of Dogecoin was roughly close to $13 billion.
Dogecoin has surged as much as 30% in the last one week, outperforming all other crypto assets – even litecoin which grew to become the 12th largest crypto asset, beating Solana, Shina Inu and Tron.
Market experts hold Elon Musk, the richest man on the planet who recently acquired micro-blogging and social media platform Twitter in a whopping $44-billion deal, as the key reason for the spike in Dogecoin.Musk, who has always been a staunch supporter of Dogecoin and is also fondly known as Dogefather, has previously also pushed the prices of tokens higher, but this time the hopes are real, the analysts add.
Edul Patel, CEO and Co-founder, Mudrex, said Dogecoin is gaining momentum in the market for several reasons – one being Elon Musk's desire to build his own 'Tesla Phone' if Twitter gets delisted from all major app stores.
“In such a case, Dogecoin believers anticipate that it might be implemented inside the app to make worldwide payments," he added. “There are rumours that Twitter is set to release its highly anticipated payment feature.”
Dogecoin came very close to overtaking XRP in terms of market capitalisation. If these rumours gain more traction among crypto investors, Dogecoin might continue the rally for some more time, Patel added.
Seconding his argument, Shivam Thakral, CEO of BuyUcoin, said Elon Musk announced that his version of Twitter will support payments and Dogecoin is a strong contender to become the official cryptocurrency of Twitter.
“DOGE was originally designed as a payment mechanism but was not able to find a real-world use case,” he added. “If Doge is integrated with Twitter’s payment ecosystem, it will create a mass use case for memecoin.”
Dogecoin is based on the open-source digital currency created by Billy Markus from Portland,
, and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013.The altcoin also has a block time of 1 minute, and the total supply is uncapped, which means that there is no limit to the number of Dogecoins that can be mined.
Musk has been transforming the platform since his takeover. New user signups are at an all-time high and user active minutes are also at an all-time high. Video and long-form tweets are all coming, said Rajagopal Menon, Vice-president, WazirX.
Dogecoin is accepted by Tesla and the Boring company, so it appears that Dogecoin is the obvious choice. This has fuelled speculation that Dogecoin will be added to Twitter, he added.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
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