Dogecoin (DOGE) continued its bullish price action for the second straight day, with the leading meme coin jumping to a new monthly high of $0.08022 today, according to data from Coingecko.
After a short fall, Dogecoin now changes hands at around $0.077614 a piece, up 16.7% over the past 24 hours. Trading volumes also spiked by 196% over the same period.
On a weekly note, DOGE has gained more than 31%, the largest weekly gainer among the top 20 cryptocurrencies by market capitalization.
Dogecoin, the tenth-largest cryptocurrency with a market capitalization of $10.5 billion, is less than a billion dollars away from surpassing Solana (SOL).
Nearly $8.69 million Dogecoin futures positions were liquidated over the past 24 hours, according to data from Coinglass. Most (78.81%) of Dogecoin liquidations came from blown-out short positions.
Red bars at the right end indicate short positions liquidated over the past two days. source: Coinglass.
Dogecoin’s competitor meme coin, Shiba Inu (SHIB), has also gained nearly 7.8% over the past 24 hours and trades at around $0.00001123.
Over the past 24 hours, leading cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) have also posted modest gains of 1.6% and 2.3%, respectively.
Elon’s Twitter Acquisition
The primary reason behind Dogecoin’s bullish price action is likely Elon Musk’s recent announcements about his Twitter acquisition.
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