Dogecoin Price Today: Dogecoin rallies 35% to enter top 10 cryptos as Twitter approves Musk’s proposal

Synopsis

The largest memetoken raced past the likes of Polkadot and Avalanche to enter the top 10 tokens with a marketcap of $21.2 billion, as the data from coinmarketcap suggested.

New Delhi: Dogecoin rallied more than 35 per cent in the last 24 hours to once again enter the top 10 cryptocurrencies after the confirmation that Elon Musk will buy Twitter for $44 billion.

Social media giant Twitter is working out the terms of the transaction and could reach an agreement, reported the new agency . However, there is not direct connection or correlation between Twitter and Dogecoin.

The largest memetoken raced past the likes of Polkadot and Avalanche to enter the top 10 tokens with a marketcap of $21.2 billion, as the data from coinmarketcap suggested.
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The traded volume of the token surged about 1,000 per cent as the tokens worth more than $6.25 billion exchanged hands in the last 24 hours.

Dogecoin saw $20.13 million in liquidations over 24 hours. According to data from CoinGlass, 132 million DOGE was liquidated over the last day, making it the third-most liquidated cryptocurrency after Bitcoin and Ethereum.

Dogecoin outperformed the crypto market after reports that Twitter will consider Elon Musk’s offer to acquire Twitter for $43 billion in cash, said Edul Patel, CEO and Co-founder of Mudrex

“Most DOGE supporters are optimistic that it will be integrated somehow if Musk does this, so the price has rallied,” he added. “Let’s see how Musk incorporates Dogecoin in the Twitter ecosystem.”

Musk, the richest man on the planet and owner of electric car maker Tesla and space exploration firm SpaceX, among other businesses, currently owns 9.2 per cent of Twitter, as per a filing earlier this month.

The mercurial technocrat is also known as the ‘DogeFather’ among the Dogecoin community. The Tesla boss has endorsed the memetoken openly at multiple occasions over the years.

Earlier this month, Musk teased DOGE payments on Twitter, proposing dogecoin as one of the payment options for Twitter Blue, the site’s premium subscription service. Tesla already accepts DOGE payments on its online merchandise store.

Dogecoin finds upward momentum as Elon Musk finalizes Twitter acquisition, said OKX insights team in its morning note.

“DOGE has found momentum as the memecoin followed developments in outspoken supporter Elon Musk’s move to acquire Twitter. Many traders are speculating that Musk will help integrate DOGE into Twitter’s business,” it added.

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Updated: 04/26/2022 — 06:00