11/4/2022 | ZY CRYPTO

Why Twitter Could Prove To Be The Ultimate Elon Musk-Backed Catalyst For $1 DOGE Dream Price

Why Twitter Could Prove To Be The Ultimate Elon Musk-Backed Catalyst For $1 DOGE Dream Price

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.