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Dogecoin Doubles in October, Following Elon Musk's Twitter Takeover

Following Elon Musk's Twitter takeover, Dogecoin is on a speculative tear—though any plans for Twitter to use the meme coin have yet to be revealed.

2 min read
Dogecoin. Image: Shutterstock

Dogecoin (DOGE) is an all-round winner among the industry’s biggest cryptocurrencies in the past month, with its price almost doubling over the period.

Boosted by the news of Elon Musk's completion of a $44 billion deal to acquire social media platform Twitter last week, the meme coin hit $0.1277 today, a level it's not seen since May 2022.

That represents a massive 117% increase in value over the past two weeks, and as much as 107% in the last 30 days, according to data from CoinGecko.

The latest rally also helped Dogecoin to overtake Cardano (ADA) as the industry’s eighth largest asset—with a market capitalization of $16.4 billion, DOGE is currently almost $2 billion ahead of ADA.

Looking at how cryptocurrencies with a market capitalization of more than $5 billion performed in the last month, runner-up Ethereum (ETH) is behind DOGE by a large margin, up 18% over the span.

Other notable gainers include Polygon, Binance Coin (BNB), and Avalanche (AVAX), which are up 17%, 14% and 11%, respectively.

Another popular meme coin Shiba Inu (SHIB) is up 12% in the last month, while Bitcoin (BTC), which is currently trading at around $20,390, gained only a modest 4.8% over the same period of time.

Elon Musk, the 'Dogefather'

Dogecoin is known as Musk’s favorite cryptocurrency—the meme coin shot to prominence after Elon Musk endorsed it in a series of tweets last year, even touting it as the next big thing.

The Tesla boss once even jokingly called himself “Dogefather,” and his tweets have impacted on Dogecoin’s price movements, helping to carry the cryptocurrency to an all-time high of $0.67 in May 2021.

In May this year, soon after first making his interest in buying Twitter public, Musk suggested that the social media platform could become sort of a "super app" similar to China's WeChat. That would mean integrating payments into the platform, a prospect that has Dogecoin's supporters enthused.

However, five days after his purchase of Twitter, Musk has yet to drop any hint as to what role the meme coin could play in his newly-acquired social media platform—leaving plenty of room for speculation and price volatility.

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