Why Dogecoin Is Up 113% Over The Past Week

Dogecoin DOGE/USD is trading higher by some 113% to $0.1269 over the trailing seven sessions. The timing of the push higher in the meme crypto appears to be highly correlated to Elon Musk's Twitter buyout.

So What's Happening?

Traders and investors who are most familiar with Dogecoin and peer meme crypto know all too well how correlated the price action of the cryptocurrency is to celebrity influence, including but not limited to tweets from Elon Musk.

Doge began to turn the corner along with the equity markets at the start of this week. After convincingly breaking above the $0.060 level on Oct. 25, there has been no turning back for the crypto. Since Oct. 24, it has soared over 90%...Read More

Musk snapped Twitter for $44 billion in a deal finalized today. Musk plans to take over the role of Twitter CEO and reverse life bans, reported Bloomberg, citing a person familiar with the matter. He may remain CEO in the interim but is likely to give up the role in the longer term, as per the report.

Musk has terminated Twitter’s CEO Parag Agrawal and Chief Financial Officer Ned Segal, and legal affairs and policy chief Vijaya Gadde, reported Reuters, citing people familiar with the matter...Read More